AN ACT IN
THE COUNCIL OF DISTRICT OF COLUMBIA
To amend, on an
emergency basis, section 47-864 of the District of Columbia Official Code
to provide a tax credit to owner-occupants of residential real property to
limit the amount of the real property tax to 125% of the real property tax
for the prior tax year.
BE IT ENACTED BY THE
COUNCIL OF THE DISTRICT OF COLUMBIA, That this Act may cited as the
"Owner-Occupant Residential Tax Credit Emergency Act of 2002".
Sec. 2. Section
47-864 of the District of Columbia Official Code is amended to read as
Sec. 3. Inclusion in the budget and financial plan.
Owner-occupant residential tax credit.
property receiving the homestead deduction under § 47-850(c), and valued under § 47-820(b-2),
shall receive an owner-occupant residential tax credit.
"(b) The credit shall be calculated as follows:
"(1) Multiply the prior tax year's taxable assessment by 125%;
"(2) Subtract that amount from the current tax year assessment;
"(3) If the difference is a positive number, multiply the
difference by the applicable real property tax rate for the current year.
"(c) The credit shall not apply if:
"(1) During the prior tax year:
"(A) The real property was transferred for consideration to a new
"(B) The value of the real property was increased due to a change
in the zoning classification of the real property initiated or requested
by the homeowner or anyone having an interest in the real properly; or
"(C) The assessment of the real property was clearly erroneous due
to an error in calculation or measurement of improvements on the real
"(2) During the prior calendar year, the real property was
assessed under §47-29.".
This act shall take effect subject to the inclusion of its fiscal
effect in an approved budget and
Sec. 4. Fiscal impact
The Council adopts the attached fiscal impact statement as the fiscal
impact statement required by section 602(c)(3) of the District of Columbia
Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official
Code § 1-206.02(c)(3)).
Sec. 5. Effective
This act shall take effect following approval by the Mayor (or in the
event of veto by the Mayor, action by the Council to override the veto),
and shall remain in effect for no longer than 90 days, as provided for
emergency acts of the Council of the District of Columbia in section
412(a) of the District of Columbia Home Rule Act, approved December 24,
1973 (87 Stat. 788; D.C. Official Code §1-204.12(a)).
Council of the District of Columbia
District of Columbia