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.