Circuit breaker tax credit for homeowners

Upon proper application, a homeowner is entitled to a credit, not to exceed $8,200, equal to the amount by which the real property taxes calculated for the homeowner property for the prior tax year exceeds 2 percent of household income, or the minimum tax as established in the annual budget ordinance, whichever is greater, provided: A. The homeowner has been granted a home exemption for at least five out of the prior six tax years. B. Household income does not exceed $126,000. C. The homeowner is in compliance with section 3.48.820 . D. The credit only applies for the succeeding tax year, with no carryover credit allowed. E. The amount of the circuit breaker tax credit is based on the homeowner's gross building assessed value and must be phased out using the following schedule: Homeowner's gross building assessed value Eligible percentage of circuit breaker tax credit Up to $1,000,000 100% $1,000,001 to 1,100,000 80% $1,100,001 to $1,200,000 60% $1,200,001 to $1,250,000 40% $1,250,001 to $1,300,000 20% $1,300,001 or more 0%   F. Taxes on the property are not delinquent for more than one year from the date the application is filed and throughout the tax year for which the credit applies. ( Ord. No. 5681 , § 1, 2024; Ord. No. 5108 , § 4, 2020; Ord. No. 4789, § 3, 2017 ; Ord. No. 4136, § 5, 2014; Ord. No. 4091, § 2, 2013; Ord. No. 4028, § 2, 2013)