A bill that would raise DC's homestead exemption and reduce the tax assessment value on owner-occupied homes in the city was sent back to committee for more debate on Tuesday by the DC Council.
The Homestead Exemption Increase Amendment Act of 2019 was introduced by Ward 4 Councilmember Brandon Todd in January and would reduce the tax assessment value of owner-occupied residential properties in DC. Specifically, the homestead exemption would increase from $74,850 to $125,000 for single-family homes and residential co-ops. Last month, UrbanTurf reported on the Fiscal Impact Statement that stated that the bill would reduce real property tax revenues by $37.2 million by fiscal year 2020.
Although the majority of the council co-sponsored or introduced a nearly identical bill last year, this year's bill had no co-sponsors, although there are plans to make the bill more palatable. At-Large Councilmember Robert White has floated an amendment that would replace the spending on the $38 million expected from the tax break and instead spend that on the Schedule H tax credit, a property tax provision that targets low- and moderate-income households.
UrbanTurf will continue to monitor the bill's progress.
This article originally published at https://dc.urbanturf.com/articles/blog/dc-council-debates-bill-to-increase-the-homestead-exemption/15084.
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