Simple circuit breaker proposal to benefit about 1 in 6 Ohio taxpayers

Effects of a 5% circuit breaker with $1,000 cap

Table showing the effects of a simple circuit breaker proposal to benefit about 1 in 6 Ohio taxpayers.
Institute on Taxation and Economic Policy, December 2023. Circuit breaker covers Ohio residents with annual income below $60,000, including homeowners with homes values that do not exceed $336,600 and renters with annual rent payments no greater than $14,424. Triggers on when property tax or rental equivalent is over 5% of income. Property tax for renters is figured at 15% of rent. Maximum circuit breaker amount of $1,000. Some residents with income over $60,000 are shown in the data receiving the circuit breaker because ITEP’s definition of income for its income groups includes all sources of income, taxable and nontaxable, and is broader than the definition used to determine eligibility for the circuit breaker.
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