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Property Tax Circuit Breaker. 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.
It’s one embraced by states across the country: A property-tax circuit breaker. ... 21 extend their program to at least some renters, while 13 make them available to non-seniors, ...
The program is sometimes called the elderly or disabled homestead exclusion. It excludes from taxation the first $25,000 or up to 50% of a home value, whichever is greater. This program applies to ...
Assessed home value x mills / 1,000 = property tax. The tax rate can also be expressed as the “millage rate.”. One mill equals one one-thousandth of a dollar, or $1 for every $1,000 of home ...
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). The property taxes are assessed ad valorem.
Referrals are also given for other resources that may be beneficial to each individual. Help is provided in completing the forms to apply for the HEAT Program, the Circuit Breaker Program, a property tax abatement, veteran’s abatement, blind abatement, mobile home abatement, or renter refund.
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