Homestead Tax Credit Formula: Continue Indexing the Credit
WCCF joins other advocacy groups in urging the Joint Finance Committee to retain indexing of the Homestead Tax Credit formula in the 2011-13 budget, so the credit formula is adjusted annually for inflation. This credit is an extremely important and well-targeted form of property tax relief, but before indexing was approved in the last biennial budget bill (taking effect in tax year 2010), the maximum size of the credit had not been increased since 1991. During that period from 1991 to 2010, the maximum credit lost 37 percent of its value. Read full statement.