Prince George’s sets lower homestead property tax credit percentage
By
Sarah Krouse
Washington Business Journal
November 03, 2009
Washington Business Journal
The Prince George’s County Council passed legislation Tuesday that set the county’s lowest homestead property tax credit percentage in nearly two decades.
The tax credit percentage is designed to help homeowners pay taxes on the original value of their home, protecting them from large increases in the property’s assessments.
Localities set their own caps on the portion of the new assessed value a property owner pays. Prince George’s County sets its cap between zero and 5 percent above a home’s original value.
The tax credit can not exceed 100 percent of the original value plus the percent increase in the consumer Price Index for the previous year, rounded to the nearest whole number.
