Legislation Details

Reference No. CB-075-2024    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 11/12/2024
Introduced Date 10/15/2024 Public Hearing Date 11/12/2024 @ 10:00 AM
Effective date: 1/27/2025    
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.
Proposers/Sponsors: County Executive, Jolene Ivey, Ingrid S. Watson, Eric C. Olson, Calvin S. Hawkins, Wanika Fisher, Krystal Oriadha
Code sections: 10-241.02 -
Attachments: 1. CB-075-2024 - signed, 2. CB-075-2024 - signed, 3. B2024075, 4. CB-075-2024 Summary, 5. CB-075-2024 Report, 6. CB-075-2024 Transmittal, 7. CB-075-2024 PAFI Homestead Property Tax Credit - Final
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, 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.