To help homeowners deal with large assessment increases on their principal residence, state law has established the Homestead Property Tax Credit. The credit limits the increase in taxable assessments each year to 10 percent. In other words, the homeowner pays no property tax on the market value increase on their principal residence above the 10 percent limit.
To prevent improper granting of this credit on rented properties, or multiple properties owned by one individual, a 2007 state law requires all homeowners to submit a one-time application to establish eligibility. Look up your property to find if you are eligible for the credit. Applications for eligibility are available online.