Longtime property owners and retired military members who live in Montgomery County could qualify for a new tax credit under a bill passed by the Montgomery County Council earlier this year.
The 20 percent credit applies to property taxes for owner-occupied dwellings for which at least one of the owners meet the following eligibility requirements: Have owned and lived in the dwelling they own for at least 40 consecutive years; or are retired from one of the U.S. armed forces (Air Force, Army, Coast Guard, Marine Corps or Navy). The credit is only granted for five consecutive years. (Dwelling refers to the entire property, which includes home and land.)
For 2017 taxes only, the application deadline for the credit is Sept. 1. In other tax years, the application deadline will be April 1. For example, for a tax credit in 2018, the application deadline is April 1, 2018.
For more details and a printable application form, go to www.montgomerycountymd.gov/Finance/bill-42-16.html.