Definition - What does Homestead Credit mean?
Homestead credit is a program which is especially designed to help persons with low income with rent and property taxes. This benefit may take form of direct refund or tax credit. The benefit depends upon the relationship between the amount of rent or tax to the income.
Justipedia explains Homestead Credit
The homestead credit limits taxable assessment to a fixed percentage each year. To prevent the misuse of the benefits of this program, the authorities require the homeowners to only submit a one-time application for eligibility.