Legislation Details

Reference No. CB-092-2023    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 11/21/2023
Introduced Date 10/23/2023 Public Hearing Date 11/21/2023 @ 10:00 AM
Effective date: 1/29/2024    
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, 2024.
Proposers/Sponsors: County Executive, Thomas E. Dernoga, Jolene Ivey, Wanika Fisher
Code sections: 10-241.02 -
Attachments: 1. B2023092, 2. CB-092-2023 Summary, 3. CB-092-2023 Report, 4. CB-092-2023 PAFI, 5. CB-092-2023 Transmittal
Contact: David B. Juppe, 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, 2024.

 

Background

This legislation will establish the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2024, as required by State law. Based on the official Consumer Price Index (CPI) for June 2023, the Homestead Property Tax Credit needs to be set at 103% for the taxable year beginning July 1, 2024, based on the limit in Section 812(d) of the County Charter which caps growth at 105%. The Homestead Property Tax Credit was created to limit taxable assessment increases on a property owner’s principal residence.