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, 2025, as required by State law.
Background
This legislation will establish the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2025, as required by State law. Based on the official Consumer Price Index (CPI) for June 2024, the Homestead Property Tax Credit needs to be set at 103% for the taxable year beginning July 1, 2025, 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.