For Immediate Release: Thursday, March 16, 2017
Information now available for
tax credit for
Montgomery County residents
who are 65 and older and
have owned homes
for at least 40 years
or are retired military veterans
Councilmember Nancy Floreen was lead sponsor
for bill that was approved by County Council
ROCKVILLE, Md., March 16, 2017—The Montgomery County Council on March 7 approved Bill 42-16 to create a new property tax credit for residents who are at least 65 years old and who have either lived in the same home for at least 40 years or are retired veterans of the U.S. military. A web site is now available with more details on the program and directions on how to apply for the credit once the application form becomes available later this month.
The County’s Department of Finance established a web site dedicated to information about the bill. The web site can be accessed at: http://www.montgomerycountymd.gov/finance/taxes/individual.html
A link to an application for the tax credits will be available on that web site when the application is available later in March. When the application is finalized, a paper version will be available at the Department of Finance, which is located at 255 Rockville Pike, Suite L-15, in Downtown Rockville. For more information, starting later this month, residents can call the County information at 311 (if calling from a location within the County) or 240-777-0311 (if calling from a location out of the County).
The bill will go into effect on July 1, 2017. Those seeking a credit must apply by April 1 of the year in which the tax credit is sought. However, for 2017 only, the deadline was extended to Sept. 1.
Councilmember Nancy Floreen was the lead sponsor of Bill 42-16. Councilmembers Sidney Katz, Nancy Navarro and Craig Rice were co-sponsors. The bill was enacted by an 8-0 vote. Councilmember Marc Elrich was not present.
Bill 42-16 created a new property tax credit for residents who are at least 65 years old and who have lived in the same home, with an assessed value of $650,000 or less, for at least 40 years. Retired members of the U.S. Armed Forces (Army, Navy, Marines, Air Force and Coast Guard) who are at least 65 years old also are eligible for the credit if their home has an assessed value of $500,000 or less.
Residents who qualify are eligible to receive a 20 percent credit for the property tax imposed on their homes. The credit would be granted annually for up to five years, subject to application requirements.
# # # # Release ID: 17-085