This bill would open up property tax savings under the Homestead Property Tax Credit to be “portable” for specified homeowners. This dramatically undermines the longstanding policy purpose of the credit – to ensure stability in tax bills after purchase.
Counties oppose this bill because it compromises the basic nature of the Homestead Property Tax Credit and threatens a severe fiscal impact on county budgets. The Homestead Property Tax Credit acts to essentially cap assessments of owner-occupied residences so that a resident’s property tax burden does not increase too substantially over the prior year. It provides consistency for taxpayers who live in and own their homes. Nearly every county has exercised its authority to lower its cap, providing security to homeowners beyond that required by the State.
Counties oppose this bill because it compromises the basic nature of the Homestead Property Tax Credit and threatens a severe fiscal impact on county budgets. The Homestead Property Tax Credit acts to essentially cap assessments of owner-occupied residences so that a resident’s property tax burden does not increase too substantially over the prior year. It provides consistency for taxpayers who live in and own their homes. Nearly every county has exercised its authority to lower its cap, providing security to homeowners beyond that required by the State.