My home was destroyed or damaged in the May 8 and 9, 2003 tornado and I qualify for the Tornado Tax Credit on Form 575. After rebuilding or repairing my home, it has more square footage than it did in 2002. How do I compute the amount of property tax to enter on line1 of Form 575?

If your home, after being rebuilt or repaired, has more square feet than it did in 2002, do not enter the full amount of your property tax on line 1.  The credit is based on same or similar square footage; therefore, you must determine the portion of your property tax based on the size of your home, as it was in 2002.  Use the following steps to determine the amount to enter on line 1.

Step One:  Determine the property tax, per square foot, of your home after being rebuilt or repaired. To do this, divide the property tax on your rebuilt or repaired home by your home's current square footage.

Step Two: Multiply the amount from Step One by what your home's square footage was in 2002.  Enter this amount on line 1.  This is the portion of your property tax upon which the credit is based.

Example: Your home in 2002 was 1,200 square feet and your property tax was $390.  After your home was rebuilt or repaired, it is now 2,500 square feet and your property tax is $1,000.

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