September 22, 2006
Circuit Breaker Property Tax Legislation
The Institute on Taxation and Economic Policy, which studies tax issues, said 35 states have some form of circuit breaker, but use them differently.
Tennessee taxes only 35 percent of a property's value. Illinois residents get a break if property taxes exceed 3.5 percent of income. Maine provides a break to homeowners who see property taxes consume more than 4 percent of their income and tenants who see more than 20 percent of their income go to rent. Maryland allows a credit on principal residences for households with incomes less than $200,000 a year.
Filed under Blog, Maine, Maryland, Property Tax Legislation, Tennessee by George Bolton
