Bad News your property tax assessment may be increasing too
I am once again introducing legislation that will reduce how much the state portion of your property tax can increase each year.
The State Property Tax - Homestead Property Tax Assessment Cap Reduction
WHAT WILL THIS BILL DO?
This bill reduces the percentage used to determine the Homestead Property Tax Assessment Cap for STATE property tax purposes from 10% to 5% for owner occupied properties.
Currently, most counties, including Carroll County, have lowered their cap for the county's portion of the property tax. Carroll County's portion of the COUNTY property tax can only go up a maximum of 5% a year - the state should follow suit.
WHY IS THIS BILL NECESSARY?
Properties reassessed for Carroll County for 2016 realized a net increase of 5.4 % in value.
Below is a chart that shows what area will be reassessed in the current and coming years.
Area 1
Assessment Area 1 will be reassessed for January 1, 2016
Area 2
Assessment Area 2 will be reassessed for January 1, 2017
Area 3
Assessment Area 3 will be reassessed for January 1, 2018
It is possible for monthly property tax burdens to be larger than the mortgage payments on a home that was purchased many years ago. A 5 percent cap would allow more long-time residents to be able to afford to remain in their homes. Senior citizens and others on fixed incomes are the ones who would benefit most.
This bill ensures that property tax assessments do not rise artificially, as they did in the mid 2000's,
DON'T FORGET - if you haven't already applied for the HOMESTEAD PROPERTY TAX CREDIT, below is the info on how to do so. This credit is only available for owner occupied homes and you only need to apply once, not annually.
For more information, the link below is an article published in the Carroll County Times explaining the homestead tax credit.
For your convenience, you can check the status of your homestead eligibility by looking up your property on the real property data base, or apply for the homestay tax credit. The link is bill.
