For my first twenty years in Annapolis, my job was to make sure your money was spent wisely.
As a member of the Appropriations Committee, I reviewed the Governor’s budget – making cuts, suggesting which programs needed more money and how funds could be spent more effectively.
Next month, I begin my second year as vice chairman of the Ways and Means Committee, which hears all bills dealing with taxes.
Now, my job is to make sure that we raise your money fairly.
I assume that’s why a Sun reporter interviewed me about the homestead property tax credit.
This credit was adopted in the 1970’s to protect homeowners on fixed income living in a neighborhood where property values are rising. When the assessed value of your house rises, there is a 4% cap on that increase each year when calculating your property tax in Baltimore City, whatever your income.
The Sun story highlighted significant differences in the taxes owed by homeowners of means and of long standing, compared to new residents, who are assessed on the full value of their home.
“People are not going to have faith in a system that is unfair,” I told the reporter. “Are neighbors paying the same? If they’re not, there has to be a justification for it. If one is wealtrhier than the other, that is a justification. That is a progressive system.”
I’m no expert on this tax credit, as the emails and phone calls I’ve received since that quote have reminded me.
That’s why I’m meeting next week with legislative staff who know far more about the credit and the impact of any proposed changes upon lowering the property tax rate for Baltimore City and people’s ability to live or move here.
As always, I welcome your thoughts.