Circuit-Breaker Refund
Calculate a property-tax circuit-breaker refund using supplied threshold and cap.
Description
A circuit-breaker refund scenario compares property tax with an income-based allowance.
A circuit-breaker refund scenario compares property tax with an income-based allowance. Only the positive excess contributes to a capped refund estimate.1
Calculate a property-tax circuit-breaker refund using supplied threshold and cap.
When to use Circuit-Breaker Refund
Use this tool to calculate a property-tax circuit-breaker refund using supplied threshold and cap.
Choose the specific arithmetic or checklist scenario and establish its input amounts, dates, rates and criteria from the applicable records. Keep currencies, periods and jurisdictions consistent; review the tool-specific assumptions before interpreting the result.
How to use Circuit-Breaker Refund and understand its results
- Choose the specific arithmetic or checklist scenario and establish its input amounts, dates, rates and criteria from the applicable records. Keep currencies, periods and jurisdictions consistent; review the tool-specific assumptions before interpreting the result.
- Enter householdIncome, propertyTaxPaid, incomeThresholdPercent, refundCap using the field table and calculation rules, then run the tool.
- Read thresholdTax, excessPropertyTax, refund. The explanation below defines the units, signs, ordering and any flags or placeholder values.
- If the tool reports an input issue, correct the values and run it again. Apply the stated assumptions when interpreting a successfully returned result.
| Input field | Meaning | Value type; see rules below | Requirement |
|---|---|---|---|
| householdIncome | Household income | number; minimum: 0 | Required |
| propertyTaxPaid | Property tax paid | number; minimum: 0 | Required |
| incomeThresholdPercent | Tax-to-income threshold (%) | number; minimum: 0 | Required |
| refundCap | Refund cap | number; minimum: 0 | Required |
Supply nonnegative income, property tax, percentage and maximum. Return allowance, excess tax and capped refund.
allowance=income×thresholdPercent/100; refund=min(max(0,propertyTax−allowance),maximum) Units, indexing, boundary conditions and exceptional cases are defined in the calculation rules above.
| Output field | Meaning | Value type |
|---|---|---|
| thresholdTax | Threshold property tax | number; minimum: 0 |
| excessPropertyTax | Tax above threshold | number; minimum: 0 |
| refund | Circuit-breaker refund | number; minimum: 0 |
{
"input": {
"householdIncome": 50000,
"propertyTaxPaid": 3000,
"incomeThresholdPercent": 5,
"refundCap": 1000
},
"output": {
"thresholdTax": 2500,
"excessPropertyTax": 500,
"refund": 500
}
}Limitations and assumptions
No program eligibility, residence, age, household-income definition or actual current refund schedule is determined.
Numeric inputs must be finite. Follow the calculation-specific rules for overflow, underflow and exceptional cases. Missing required fields, extra fields, wrong value types and violations of the calculation rules are input errors.
Alternative or Complementary methods
Use Surplus Rebate: Calculate a surplus rebate using caller-supplied percentage and cap. For a complementary task, use TIF Revenue Increment: Calculate captured tax-increment revenue from caller-supplied values and rates.
References
-
Circuit-Breaker Refund — tool.io
Similar or alternative tools
- Surplus Rebate
Calculate a surplus rebate using caller-supplied percentage and cap.
- TIF Revenue Increment
Calculate captured tax-increment revenue from caller-supplied values and rates.