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, 2022.
Background
This legislation will establish the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2022, as required by State law. Based on the official Consumer Price Index (CPI) for June 2021, the Homestead Property Tax Credit needs to be set at 105% for the taxable year beginning July 1, 2022. The Homestead Property Tax Credit was created to limit taxable assessment increases on a property owner’s principal residence.