NS News Publications Presentations New Property Tax Credit Available in Montgomery County
On March 7, 2017, the Montgomery County Council passed Bill 42-16, creating a new property tax credit for longtime homeowners and certain military veterans. The tax credit is available to individuals over 65 years of age who either:
- Have owned and lived in the same dwelling for the proceeding 40 years and the dwelling has an assessment of $650,000 or less; or
- Have retired from one of the United States Armed Forces and own a dwelling with an assessment of $500,000 or less.
Qualified individuals are eligible to receive a 20% credit for the property tax imposed on their homes, granted annually for up to 5 years. The bill, which was sponsored by councilmember Nancy Floreen, goes into effect on July 1, 2017. Residents who are interested must apply by April 1 of the year for which they are seeking the tax credit. The deadline for 2017 has been extended to September 1.
For more information on Bill 42-16, eligibility details, and how to apply for the tax credit, please visit: http://www.montgomerycountymd.gov/finance/bill-42-16.html.
BBS&G’s attorneys are available to assist with the eligibility and application process.