Reply to Elrich property tax increase

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So a 10% increase in property tax to keep up with inflation but he wants a 3% cap on rent increases?[/quote]

MoCo homestead - all got $692 off the bill.  Assessment could be 1m or less than 100k.  No income  submission and it was a flat amount on owner occupied.  
>assessed at 1m the county effective rate for owner occupied was 92.23 and 99.15 for an investment property or any non owner occupied.
>assessed at 100k the county effective rate for owner occupied was 29.95 and 99.15 for an investment property or any non owner occupied

Changes in homestead require submitted and approved Homestead Applications.  
https://mocoshow.com/blog/residential-property-owners-must-have-approved-homestead-application-on-file-to-be-eligible-for-692-montgomery-property-tax-credit/

You can't just look at the base moco rate and not consider what revenue rolls in and actual rates without looking at homestead.

[/quote]

The $692 is not the Homestead Tax Credit, but instead the Income Tax Offset Credit (ITOC). Property owners must have applied for the Homestead Tax Credit to receive the ITOC.[/quote]

Yes-I get it. The $692 ITOC is paid by a credit on property taxes for  owner occupied units and is not determined by income.  It reduces the amount of property  tax bills for owner occupied units so if you rent or have investment property you don't get the $692 per unit.  Bottom line is what has to paid in property tax and all the possible credits related to having the homestead.  [/quote]

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