Title
An Act establishing the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2013, 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, 2013, as required by State law. Based on recent changes in the Consumer Price Index (CPI), the Homestead Property Tax Credit percentage needs to be set at 102% for the taxable year beginning July 1, 2013. The Homestead Property Tax Credit was created to limit taxable assessment increases on a property owner’s principal residence.