Homeowners will get $221 back from the county next year for their primary residence, and will see their property tax rate drop by 5 cents per $100 of assessed value under the plan the council unanimously approved Wednesday.
But the combination still means that nearly all homeowners countywide will pay more in property taxes this year due to rising property values. Homeowners can expect to pay anywhere from $5 more on a $300,000 home to nearly $300 for a $1 million home, after the rebate.
Council attorney Michael Faden said the proposal will give the council an extra $5.2 million while distributing the same $117 million in tax relief. The gains come from additional revenues collected on new homes and personal property.
A defeated competing resolution by Council Member Steve Silverman would have given each homeowner $468 while not cutting taxes. That proposal would have given some money back to owners of homes valued at $385,000 or less. County Executive Douglas Duncan had proposed an across the board 9.5 cent cut in the tax rate.
