Property

Laws goals to increase length of property tax credit score for some residents

The Montgomery County Council and County Govt Marc Elrich are aiming to present some residents a much bigger property tax break.

County Council President Gabe Albornoz launched laws on Tuesday on behalf of Elrich, which might prolong the prevailing property tax credit score for individuals who apply from 5 to seven years for:

  • Residents 65 or older who’ve lived in the identical residence for 40 or extra years
  • Residents 65 or older who served in any department of the U.S. armed forces, army reserves or the Nationwide Guard, or who’re the surviving partner of somebody who did

The tax credit score is 20% of the annual property taxes levied on properties, for the above residents. For non-military households, the credit score applies to any home-owner whose property was assessed at as much as $650,000 the primary time they utilized for the tax credit score.

For army households, that most assessed worth is $500,000. Candidates want to use every year for the credit score, however those that have already acquired the credit score can now apply for as much as seven years.

Ludeen McCartney-Inexperienced, a legislative legal professional for the council, stated the laws is feasible due to a state invoice handed by the Normal Meeting this yr, which removes the obligatory requirement of a five-year-cap on the property tax credit score. The county didn’t have the authority to think about the extension till that state laws was handed, she added.

The invoice is time-sensitive as a result of the brand new tax season for the state begins July 1, McCartney-Inexperienced stated. Subsequently, the council is predicted to expedite its approval course of, she stated. Residents have till April 1 to use for the credit score via the county’s Division of Finance. 

A public listening to on the invoice is scheduled for June 21 at 1:30 p.m.

Steve Bohnel will be reached at steve.bohnel@bethesdamagazine.com

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