Are you a Montgomery County resident age 65 or older or a military retiree age 65 or older? If so, you may be eligible for a 20% tax credit on your Montgomery County property taxes if you meet certain criteria.
On March 7, 2017, the Montgomery County Council passed the Property Tax Credit for Elderly Individuals and for Military Retirees (Bill 42-16). As long as one owner of the home meets the criteria listed below, you are eligible to receive the 20% tax credit. The eligibility criteria to receive this property tax credit includes:
• You must be age 65 or older;
• have owned or lived in your dwelling (property including the home and land) for at least forty consecutive years and are on the property deed, or you are a retired member of the United States armed forces and are on the property deed.
• The assessed value of the dwelling must be $650,000 or less at the time you apply for the credit if you are not a retired member of the armed services.
• For those who are 65 or older and a retired member of the armed services, the assessed value of your home must be $500,000 or less when you apply for the credit.
To apply for the credit, you must fill out and mail a completed application to the Montgomery County Department of Finance, Division of Treasury by September 1, 2017 for tax year 2017. The September deadline only applies for tax year 2017. Every tax year thereafter, the deadline for applications is April 1st. You must complete an application for each year you wish to receive the tax credit, and it is only available for five consecutive years.
For additional information about this property tax credit and to download the application visit https://www.montgomerycountymd.gov/Finance/bill-42-16.html.