Tax Limitations for 2022

Income Tax Limitations
$0-$31,900
Taxes are limited to 4% of the annual income
$31,901 - $47,850
Taxes are limited to 5% of the annual income
Over $47,850
Does not qualify
Note: Homeowners with incomes of $31,900 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.