Legislation Details

Reference No. CB-075-2015    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 11/17/2015
Introduced Date 10/20/2015 Public Hearing Date 11/17/2015 - 10:00 AM
Effective date: 1/11/2016    
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, 2016.
Proposers/Sponsors: County Executive, Obie Patterson, Mary A. Lehman
Code sections: 10-241.02 -
Attachments: 1. B2015075, 2. CB-75-2015 AIS.pdf, 3. CB-75-2015 Report, 4. CB-75-2015 Fiscal Impact, 5. CB-75-2015 TRANSMITTAL
Contact: Adewale Dada, 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, 2016.

Background

This legislation will establish the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2016, as required by State law.  Based on recent changes in the Consumer Price Index (CPI), the Homestead Property Tax Credit needs to be set at 100% for the taxable year beginning July 1, 2016.  The Homestead Property Tax Credit was created to limit taxable assessment increases on a property owner’s principal residence.