Residential property tax relief — Homestead deduction for houses and condominium units.

(a) For purposes of levying the real property tax during a tax year, the Mayor shall deduct $67,500, increased annually, beginning October 1, 2012, by the cost-of-living adjustment (if the adjustment does not result in a multiple of $50, rounded to the next lowest multiple of $50), from the assessed value of real property which qualifies as a homestead. The deduction shall be apportioned equally between each installment during a tax year and shall not be carried forward or carried back.