July 14, 2016

New Legislation Provides Incentives for Seniors

Eligible seniors are reminded of a new legislation to make it easier for older adults to stay in their homes by deferring property tax increases at a zero cost.

The new statue, Expedited Bill 10-16, took effect on July 1. The legislation provides another option for seniors on a fixed income to remain in the County by easing their tax burden. The bill provides a residential real property tax deferral for residents at least 65 years old with a gross income of $80,000 or less. The change modified the County's previous property tax deferral program to allow eligible seniors to defer the annual increase in their residential real property taxes at 0% interest. Under the income threshold of $80,000 — which is the senior median income in the County — the eligibility criteria are approximately half of senior households in the County.

In addition to this assistance, the County has several other programs to assist seniors, people with disabilities and other residents of limited means to remain in the County and provide tax relief. The Supplemental Homeowners Property Tax Credit, the Senior· Property Tax Credit, Renters Property Tax Relief, and Design for Life tax credit for livable and visit-able residential improvements.

2 comments:

  1. So many things this county needs and this is "do nothing" program is what they move forward. Time to leave MC and Maryland.

    ReplyDelete
  2. I've got to agree. And also, they should be cutting the property tax in half, not just freeze it where it is for seniors who remain in one of the highest taxed counties in the US.

    ReplyDelete

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