Fiscal Administration 9th ed. Chapter 11, question 6. Mr. and Mrs. Woodward, an elderly couple with no dependents, have taxable source income of $8,000 and Social Security income $26,000. They own property assed at $80,000 (current market value of $190,000) and are subject to a property tax rate of $5/$100 of assed value. They each received 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 returned by the state in an income tax credit. Maximum relief paid is $ per couple.