Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / Mr. and Mrs. Woodward, an elderly couple with no dependents, have taxable source income of...

Mr. and Mrs. Woodward, an elderly couple with no dependents, have taxable source income of $8,000 and Social Security income of $26,000. They own property assessed at $80,000 (current market value of

Mr. and Mrs. Woodward, an elderly couple with no dependents, have taxable source income of $8,000 and Social Security income of $26,000. They own property assessed at $80,000 (current market value of $190,000) and are subject to a property tax rate of $5/$100 of assessed value. They each receive an old-age property tax exemption of $500. They are eligible for the state property tax circuit breaker. The relief threshold is 6 percent of total money income; 25 percent of any overload is returned by the state in an income tax credit. Maximum relief paid is $600 per couple.

a. What property tax would they pay without circuit breaker relief?

b. For how much circuit breaker relief are they eligible?

 

May 06 2021 View more View Less

Answer (Solved)

question Subscribe To Get Solution

Related Questions