Legislation Details

Reference No. CB-069-2014    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 9/23/2014
Introduced Date 9/2/2014 Public Hearing Date
Effective date: 11/21/2014    
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, 2015.
Proposers/Sponsors: County Executive, Mel Franklin, Derrick Leon Davis, Mary A. Lehman, Obie Patterson
Code sections: 10-241.02 -
Attachments: 1. B2014069.pdf, 2. CB-069-2014 AIS, 3. CB-69-2014 Report.dotx
Contact: Beth McCoy, 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, 2015.
Background
This legislation will establish the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2015, 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 102% for the taxable year beginning July 1, 2015.  The Homestead Property Tax Credit was created to limit taxable assessment increases on a property owner's principal residence.