Legislation Details

Reference No. CB-050-2016    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 9/13/2016
Introduced Date 7/19/2016 Public Hearing Date 9/13/2016 @ 1:30 PM
Effective date: 11/8/2016    
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, 2017.
Proposers/Sponsors: County Executive, Derrick Leon Davis, Todd M. Turner, Deni L. Taveras
Code sections: 10-241.02 -
Attachments: 1. B2016050, 2. CB-50-2016 AIS.pdf, 3. CB-050-2016 Report, 4. CB-50-2016 Fiscal Impact, 5. CB-50-2016 Transmittal Letter
Contact: Amber Hendricks, 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, 2017.

Background

This legislation will establish the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2017, as required by State law.  Based on current Consumer Price Index (CPI) trends, the Homestead Property Tax Credit needs to be set at 101% for the taxable year beginning July 1, 2017.  The Homestead Property Tax Credit was created to limit taxable assessment increases on a property owner’s principal residence.