* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)
Introduced by: Councilmember Clarke
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
Title
Informational Hearing - Maryland Homestead Property Tax Credit
FOR the purpose of requesting the Director of the Baltimore City Department of Finance and the Director of the Maryland Department of Assessments and Taxation to brief the Council regarding the new Homestead Tax Credit law, the new application requirements, the process by which citizens must apply, the new deadlines for applying, and the efforts that the State and City are putting forth to inform the citizens who need to apply about the new process, in order to make sure that all of those who are entitled to the credit are able to receive it.
Body
Recitals
The Homestead Property Tax Program was designed to limit the amount of annual increase in taxable assessments for eligible owner occupied properties. The program dates back to the late 1970's, a period of rapid escalation in property values. State law requires each Maryland local government to establish a limit on how much owner-occupied residential taxable assessments may increase each year. The program protects homeowners from increases in taxable assessment above the level established by local law, or 10%, if no local action is taken. In the early 1990's, the City established the annual cap at 4%, and it continues to be set at 4% today. The credit is applied against the taxes due on the portion of t...
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