What is a “circuit breaker” tax?

In Florida, a circuit breaker tax is a type of property tax break given to people who meet certain criteria. It is designed to help people who have low- or moderate-income levels, and who need relief from paying too much property tax. To receive a circuit breaker tax break, an individual must have a household income that falls below a certain level. In Florida, the total adjusted gross income before deductions must be less than or equal to 150% of the federal poverty guidelines in order to qualify for the state circuit breaker tax program. When a person is eligible for a circuit breaker tax break, they receive a credit on the amount of property taxes they owe. This credit is usually around 10-50% of the amount owed. So, if the total amount of property taxes owed is $1,000, the circuit breaker tax break could reduce the amount to be paid to $500 or less. Another important point to note about the circuit breaker tax is that it is only available for primary residences. Property taxes on second homes, rental properties, and commercial properties are not eligible for the state circuit breaker tax program. Overall, the circuit breaker tax in Florida is a great way to provide relief to those who need it most. It is an important tool for reducing the financial burden of an already-heavy tax burden on citizens who may otherwise not be able to afford it.

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What is a “circuit breaker” tax?

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