The Montgomery County Council on Tuesday unanimously approved extending from five to seven years a property tax credit for elderly residents and retired military members.
The tax credit applies to:
- Residents age 65 and older who have lived in the same home for at least 40 years.
- Residents age 65 and older who served in any branch of the U.S. armed forces, military reserves or National Guard. Surviving spouses of those veterans are also eligible for the credit.
Eligible residents receive a 20% tax credit for annual property taxes. For non-military families, the credit applies to any homeowner whose property had an assessed value of $650,000 or less the first time they applied for the credit. Military families may use the credit if their property’s assessed value is $500,000 or less.
The extension of the property tax credit from five to seven years became possible this year due to state legislation removing the mandatory five-year cap for counties.
Christine Wellons, a senior attorney with the County Council, said during Tuesday’s meeting that about 5,000 residents will be affected by the extension of the tax credit.
Council President Gabe Albornoz, who introduced legislation on the extension earlier this month, emphasized its importance on Tuesday.
“As we know with our aging population being the fastest growing demographic in the county, it’s important that these 5,000-plus residents not miss out on this opportunity,” he said.
Dan Schere can be reached at firstname.lastname@example.org