Senate Committee Approves Homestead Credit Deadline Extension

Counties will more than likely have an additional four months to determine their homestead property tax credit percentages, starting with taxable years beginning after June 30, 2018.

The Senate Budget and Taxation Committee has approved House Bill 351, Property Tax – Homestead Property Tax Credit Percentage and Constant Yield Tax Rate – Deadlines. The bill extends the deadline by which county governments (from November 15 to March 15) and municipalities (from November 25 to March 25) must set or alter the homestead property tax credit percentage in a taxable year and then notify the State Department of Assessments and Taxation of any changes.

The bill still requires approval by the full Senate before Sine Die, but opposition is not anticipated.

MACo supported this bill. Check here for prior coverage.