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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 ...
“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 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.
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.
Homeowners who paid Illinois property taxes in 2021 and make under $250,000 as an individual or $500,000 in a joint-filing household are eligible for the property tax rebate.
The Illinois Property Tax Appeal Board (PTAB) is an Illinois agency that serves as a final administrative panel of appeal for statewide appellants in property tax assessment cases.
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