Tomorrow I will introduce Bill 42-16 that would create a new property tax credit for residents who are at least 65 years old and who have lived in the same dwelling for at least 40 years. Retired members of the U.S. armed forces who are at least 65 years old also would be eligible for the tax credit. See the video.
Councilmembers Sidney Katz, Nancy Navarro and Craig Rice are co-sponsors of the bill. A public hearing is scheduled for 1:30 p.m. on Tuesday, November 15. If you can't make the hearing, you can also send your testimony to firstname.lastname@example.org.
Residents who qualify for the credit would be eligible to receive a 20 percent credit for the property tax imposed on their property. The credit would be granted annually for five years subject to application requirements.
The dwelling for which a property tax is sought must have a maximum assessed value of $500,000 or less.
We want to do whatever we can to encourage people who love living in Montgomery County to continue to be able to live here as their life circumstances change. We understand that this can be an expensive place to live for many people at the prime of their earning power, and it gets more challenging for those in retirement years. With this bill, we can offer some help to people who have lived here a long time and helped build this County and to those who served our country and helped preserve and protect all the things for which we are thankful.