property tax circuit breaker

A property tax circuit breaker is a policy designed to prevent homeowners, especially those on fixed incomes, from paying a disproportionately high portion of their income toward property taxes. It sets a maximum percentage of income that a household must spend on property taxes; if their taxes exceed this limit, they may qualify for relief or a tax credit. This helps protect vulnerable homeowners from financial hardship caused by rising property taxes, ensuring housing remains affordable and reducing the risk of tax-related foreclosures.