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A Property Tax Circuit Breaker is a tax refund in the United States given to low income individuals and families whose property tax liability is a large percentage of their yearly income. The term was coined by John Shannon of the Advisory Commission on Intergovernmental Relations in the 1960s. There are currently 18 states who use a wide scope of programs to relieve the property tax burden ...
As the name implies, much like an electrical circuit breaker prevents electric current overloads, it would reduce the load if property taxes are too high a share of income.
“Circuit breaker” programs: Property tax circuit breaker programs reduce property tax liabilities for seniors, disabled people, low-income residents and others who qualify.
Property tax rates in Indiana are capped a maximum of 1% of value for residential, 2% of value for rental and farmland, and 3% of value for all other types (the actual rates may be higher, but the maximum paid after deductions is capped through a "circuit breaker" tax credit). [8]
Property tax is rarely self-computed by the owner. The tax becomes a legally enforceable obligation attaching to the property at a specific date. Most states impose taxes resembling property tax in the state, and some states also tax other types of business property.
Circuit breaker programs account for people's ability to pay when calculating a property tax bill and cost far less than across-the-board rate reductions or increases in exemptions, per the state ...
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