You Might Qualify for a Circuit Breaker Tax Credit
Many states offer a circuit breaker tax credit which is aimed to provide relief for those who pay a significant portion of their income to property tax. It caps the bill at a certain percentage of your income which can vary by state. Some use a sliding scale – the less you earn, the more the tax bill is reduced. While you’ll still have to pay the total property tax bill, you’ll get a rebate for what you overpaid.
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Many states offer a circuit breaker tax credit which is aimed to provide relief for those who pay a significant portion of their income to property tax. It caps the bill at a certain percentage of your income which can vary by state. Some use a sliding scale – the less you earn, the more the tax bill is reduced. While you’ll still have to pay the total property tax bill, you’ll get a rebate for what you overpaid.