A council bill would expand property tax credit eligibility for Montgomery County residents who are elderly and retired military.
The legislation would increase the maximum assessed home value for an eligible property by $50,000, according to the bill introduced by County Councilmember Sidney Katz on Tuesday.
The maximum assessed value of a property would change from $650,000 to $700,000 for eligible senior residents who have lived in their homes for at least 40 years and change from $500,000 to $550,000 for eligible retired military members, Katz explained during a council meeting. Residents eligible under the current guidelines can get a 20% credit toward county property taxes for up to seven years.
According to council documents, the qualifying property values have not been updated since the tax credit was established in 2016.
Councilmember Dawn Luedtke said it is critical to “take measures to make sure we’re protecting our residents so that they’re able to remain our residents and age in place appropriately.”
“As we continue our efforts to help residents to move here and to locate here, we want to help them stay here as well,” Council Vice President Andrew Friedson said.
Councilmember Will Jawando said he looks forward to working on the bill. He hopes to find ways to improve it and expand who it covers.
“I do feel that more people who served our nation should qualify under this bill, so I look forward to perhaps expanding it,” Councilmember Natali Fani-Gonzalez said. She said her husband is a veteran who qualifies under the bill.
Councilmember Laurie-Anne Sayles said 16% of seniors in the county live 200% below the federal poverty level. She also cited the more than 84,000 residents 65 and under that do not have health insurance.
“So, minimizing the monthly cost to maintain quality of life while you are facing a diminishing income remains important,” she said.
A public hearing is scheduled for Tuesday, Feb. 7. A council committee work session is tentatively planned for Thursday, Feb. 16. As chair of the Government Operations and Fiscal Policy (GO) committee, Councilmember Kate Stewart said she looks forward to working with members interested in expanding the bill.
