New Property Tax Credit for Elderly Residents and Veterans
The Montgomery County Council approved a bill that would create a new property tax credit for senior residents and retired veterans.
Bill 42-16, sponsored by Councilmember Nancy Floreen, will allow qualifying residents to receive a 20-percent credit for the property tax imposed on their homes, according to a news release.
Residents who are at least 65 years old and have either lived in the same home for at least 40 years, with an assessed value of $650,000 or less or are retired veterans of the U.S. military with an assessed value of $500,000 or less, are eligible to apply for the tax credit.
The bill will go into effect on July 1, 2017. Residents who are interested must apply by April 1 of the year they would like the tax credit for. The deadline for 2017 will be extended to Sept. 1.
To be directed to the application and to find out more about the tax credit, click here.