As the debate over the fiscal year 2027 budget continues, the Montgomery County Council has voted to eliminate a homeowner tax credit that provides residents with a $692 reduction on their property tax bills.
Known as the Income Tax Offset Credit, it was the county’s largest property tax break that existed for residents with mortgages.
“Earlier this week, the County Council voted to set aside my proposed broad-based property tax rate increase that would have raised the rate on all properties by 6.3 percent,” said County Executive Marc Elrich in a Friday statement. “My property tax proposal was estimated to bring in $164.4 million in additional revenues just for our schools,” said the former teacher who announced his proposed budget in March…