Introduction: Councilmember Sidney Katz will introduce Bill 1-23, which would update eligibility for certain elderly individuals and retired military service members to receive a property tax credit, increasing the assessment threshold by $50,000. This bill seeks to update the assessed value to $700,000 for senior residents and $550,000 for retired members of the military to account for increases in property values during the last few years. The existing credit amount is 20 percent of the County property tax imposed on the dwelling. The credit must be granted each year for seven years, if the individual remains eligible for the credit. Councilmembers Luedtke, Marilyn Balcombe, Natali Fani-González, Gabe Albornoz and Vice President Andrew Friedson are cosponsors of the legislation.
