Legislation passed in May by the Montgomery County Council will defer property tax increases for county residents 65 and older who have an annual income less than $80,000.
Under the measure, seniors will be able to defer increases on their principal residence without any interest until they sell their homes, according to a press release from the council; $80,000 is the median income for Montgomery County seniors. The deferral affects about half the county’s senior population who pay county property taxes.
The legislation is modeled after programs in Howard County; Washington, D.C.; Boston; Minneapolis; Boulder County, Colorado; and King County, Washington.
“As our Council contemplates the County Executive’s proposal to raise property taxes, providing relief to our seniors who are living on fixed incomes is particularly important and timely,” Council Vice President Roger Berliner, a lead sponsor of the bill, stated in the press release. “This legislation protects seniors from an increase in property taxes at zero cost and can provide peace of mind for those seniors worried about having to sell their home to make ends meet.”
Fourteen percent of Rockville’s 61,209 residents were 65 and older, according to the 2010 Census.
The legislation goes into effect July 1.
For more information on Montgomery County Council’s Bill 10-16, visit http://bit.ly/mocotaxbill.