Property Tax Circuit Breakers for Affordable Tax Relief
Property tax circuit breakers, like the ones discussed by Brakeyshia Samms of the Institute on Taxation and Economic Policy, are a special type of property tax cut designed to ease the burden on those most impacted by property taxes. These circuit breakers directly assess a family's ability to pay property taxes based on income, providing credits or rebates to ensure affordability. Explore different types of circuit breakers and learn more about this essential property tax relief measure.
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Property Tax Circuit Breakers Brakeyshia Samms Policy Analyst Institute on Taxation and Economic Policy Brakeyshia@itep.org
Circuit Breakers Stand Apart Circuit breakers are the only type of property tax cut explicitly designed to reduce the property tax load on those most affected by the tax. Unlike tax caps or homestead exemptions, circuit breakers undertake a direct measurement of each family s ability to pay property tax as measured by their income and calibrate the credit or rebate to ensure that their final net tax bill is affordable.
Types of Circuit Breakers The most common form of help is a threshold-style circuit breaker. Under this approach, credits or rebates are calculated using a formula that compares property tax liability to income and offsets some or all the property tax that exceeds what is designated as unaffordable under the program.
Property Tax Circuit Breaker Materials Research Report: https://itep.org/property-tax-affordability-circuit- breaker-credits/ Contact info: Brakeyshia@itep.org
