Legislation Details

Reference No. CB-066-2013    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body Public Safety and Fiscal Management Committee
Meeting Date 10/29/2013
Introduced Date 10/1/2013 Public Hearing Date
Effective date: 12/17/2013    
Title: AN ACT CONCERNING HOMESTEAD PROPERTY TAX CREDIT for the purpose of establishing the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2014.
Proposers/Sponsors: Derrick Leon Davis, Mel Franklin, Andrea C. Harrison, Mary A. Lehman, County Executive
Code sections: 10-241.02 -
Attachments: 1. B2013066.pdf, 2. CB-66-2013 AIS
Contact: Beth McCoy, Office of Management and Budget
Title
AN ACT CONCERNING HOMESTEAD PROPERTY TAX CREDIT for the purpose of establishing the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2014.
Background
This legislation will establish the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2014, as required by State law.  Based on recent changes in the Consumer Price Index (CPI), the Homestead Property Tax Credit percentage needs to be set at 102% for the taxable year beginning July 1, 2014.  The Homestead Property Tax Credit was created to limit taxable assessment increases on a property owner's principal residence.