Legislation Details

Reference No. CB-085-2022    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 10/24/2022
Introduced Date 9/27/2022 Public Hearing Date 10/24/2022 @ 10:00 AM
Effective date: 12/27/2022    
Title: AN ACT CONCERNING HOMESTEAD PROPERTY TAX CREDIT OR THE PURPOSE OF ESTABLISHING THE HOMESTEAD PROPERTY TAX CREDIT for the County property tax for the taxable year beginning July 1, 2023. BY adding/repealing/repealing and reenacting with amendments: SUBTITLE 10. FINANCE AND TAXATION. Section 10-241.02 The Prince George's County Code (2019 Edition; 2021 Supplement).
Proposers/Sponsors: County Executive, Calvin S. Hawkins, Rodney C. Streeter, Sydney J. Harrison, Jolene Ivey, Johnathan M. Medlock
Code sections: 10-241.02 -
Attachments: 1. B2022085, 2. CB-085-2022 AIS, 3. CB-085-2022 AIS, 4. CB-085-2022 Report, 5. CB-085-2022 PAFI, 6. CB-085-2022 Transmittal
Contact: David B. Juppe, Office of Management and Budget

Title

AN ACT CONCERNING HOMESTEAD PROPERTY TAX CREDIT OR THE PURPOSE OF ESTABLISHING THE HOMESTEAD PROPERTY TAX CREDIT for the County property tax for the taxable year beginning July 1, 2023. BY adding/repealing/repealing and reenacting with amendments: SUBTITLE 10.  FINANCE AND TAXATION. Section 10-241.02 The Prince George's County Code (2019 Edition; 2021 Supplement).

 

Background

This legislation will establish the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2023, as required by State law. Based on the official Consumer Price Index (CPI) for June 2022, the Homestead Property Tax Credit needs to be set at 105% for the taxable year beginning July 1, 2023, 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.