Property valuation changes during the tax year

If you're a homeowner and the assessed value of your property changes during the tax year, you will not be eligible for the circuit breaker credit anymore if the assessed valuation (before residential exemptions but after abatements) of your principal residence rises above the threshold amount as of January 1 of the taxable year.

Thus, if the assessed value of the principal residence rises above the threshold amount after January 1 during the year, you would still be eligible for the credit since the value is measured on January 1. If you dispute the assessed valuation and successfully receive a reduced valuation during the year, you can use the reduced assessed valuation. Your tax bill will also be reduced due to the real estate tax abatement that follows.