Per Montgomery County: The Montgomery County Council on Tuesday unanimously approved a bill introduced by Councilmember Sidney Katz, which amends the property tax credit for certain individuals 65 and above and retired military services members. The original property tax credit bill, sponsored by Councilmember Katz, passed in 2017. The Government Operations and Fiscal Policy (GO) Committee unanimously (3-0) recommended enactment of Bill 1-23 with amendments.
Bill 1-23 will increase the assessed value of qualifying properties by $50,000 from the current thresholds, so that the maximum assessed value of a property would be updated from $650,000 to $700,000 for qualifying individuals 65 and above and from $500,000 to $550,000 for eligible military services retirees. Qualified residents currently receive up to a 20 percent credit on their county property tax bill annually, for up to seven years.
“This legislation will expand the property tax credit for certain individuals 65 and above and military service members in Montgomery County,” said Councilmember Katz. “We want to make it easier for our residents to remain in their homes. I want to thank my Council colleagues for supporting this important legislation.”
Councilmember Katz represents District 3, which includes the municipalities of Rockville and Gaithersburg as well as Washington Grove. He is chair of the Public Safety Committee and serves on the Council’s Government and Operations Committee. For more information, the Council staff report on Bill 1-23 can be viewed here.