mr. and mrs. woodward, an elderly couple with no dependents, have taxable source income of $8,000 and social security income of $26,000. they own property assessed at $80,000 (current market value of $190,000) and are subject to a property tax rate of $5/$100 of assessed value. they each 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.