Multi-threshold circuit breaker proposal to benefit more than 1 in 5 Ohio taxpayers

Effects of a multiple-threshold circuit breaker with $1,000 cap

Table showing the effects of a multiple-threshold circuit breaker with a $1,000 cap.
Institute on Taxation and Economic Policy, November 2023. Circuit breaker covers Ohio residents with annual income below $60,000, including homeowners with home 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 3% of income under $20,000 plus 4% of income between $20,000 and $40,000 plus 5% of income between $40,000 and $50,000. 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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