With the circuit breaker. Assume that renters and homeowners are eligible for the circuit breaker and that the circuit breaker is refundable, that is, if the amount of the income tax credit provided by the circuit breaker exceeds the amount a taxpayer owes in income taxes, then the taxpayer receives a check for the difference between the amount of the credit and the amount of taxes owed. In calculating the property taxes, subtract the circuit breaker credit from property taxes calculated in par