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A tax credit property is an apartment complex owned by a landlord who participates in the federal low-income housing tax credit program. A tax credit property is an apartment complex owned by a landlord who participates in the federal low-income housing tax credit program.
If you pay property taxes as part of your lease agreement, these taxes are deductible on your federal tax. You can also deduct the cost of damage of your property because of fire, theft or other accidents.Some states also offer renters credits or deductions.ew Jersey allows renters to claim a credit based on the portion of their rent used to pay property taxes, within certain limitations. Renters in Maryland may receive up to $750 in tax credits depending on income and tax filing status.