Article: 50467
Overview
West Virginia provides a Homestead Excess Property Tax Credit to help offset property tax burdens for eligible homeowners. To claim this benefit, you must complete the WV – Homestead Excess Property Tax Credit form as part of your West Virginia state return.
What Is the Homestead Excess Property Tax Credit?
This credit is designed to reduce state income tax for residents who own and occupy their primary home in West Virginia and whose property taxes are considered excessive compared to their income.
The credit is calculated based on:
- Total income of the household
- Amount of property tax paid on the owner-occupied home
- The relationship between property tax and income (when taxes exceed a certain percentage of income, a credit may be available).
Who Qualifies?
You may be eligible for this credit if:
- You were a West Virginia resident for the full tax year.
- You owned and occupied your homestead (primary residence) during the year.
- You paid real property taxes on the homestead.
- Your gross household income falls within the eligibility limits described in the state instructions.
Note: The credit is not available for rental properties, second homes, or business-use property.
How to Report
- Navigate to the State Taxes section on the left-hand side of the screen.
- Click the link: I’d like to see the forms I’ve filled out or search for a form.
- In the dropdown menu, select West Virginia.
- Click on the Credits tab.
- Click on Homestead Excess Property Tax Credit to open the form.
- Enter all applicable information.
- Click Save once complete.
Additional Resources
For further information see: West Virginia IT-140 Instructions (2024) – Homestead Excess Property Tax Credit, Page 19 (PDF)