Tax Limitations for 2020

Income Tax Limitations
$0-$31,000
Taxes are limited to 4% of the annual income
$31,001 - $46,500
Taxes are limited to 5% of the annual income
Over $46,500
Does not qualify
Note: Homeowners with incomes of $31,000 and less, that are over age 65 or are totally and permanently disabled should consider the Elderly or Disabled Homestead Exclusion. The exclusion may provide more tax relief than the Circuit Breaker Tax Deferment Program. Homeowner’s cannot be granted both types of property relief.