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Assignment help 91

Mr. and Mrs. Woodard, an elderly couple with no dependents, have taxable source income of $8,000 and $26,000 income from social security. They own property assessed at $75,000 (current market value of 190,000) and are subject to a property tax rate of $5/$100 assessed value. They both receive an old-age property tax exemption of $500. They are eligible for the state property tax circuit breaker. The relief threshold is 6 percent of total money income; 25 percent of any overload is returned by the state in an income tax credit. Maximum relief paid is $600 per couple.a.


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