Montgomery County homeowners who earn limited income or are least 70 years old might be eligible for credits that will reduce the amount of property taxes they are required to pay.
The county is accepting applications for the Maryland Homeowner's Property Tax Credit Program, the Montgomery County Supplemental Property Tax Credit and the Montgomery County Senior Property Tax Credit, according to a county news release.
One application will determine eligibility for all three programs. Property owners who applied previously and were denied can apply again because the tax credit programs have changed and been improved during the years, and their financial situation might have changed, according to the release.
Eligibility for the state and the county property tax credits includes:
ŸAn annual household income of as much as $60,000;
ŸOwning and living in the home in Montgomery County;
ŸHaving lived in that home for at least six months, or will live in it for six of the next 12 months;
ŸHaving a combined net worth of everyone in the household that does not exceed $200,000. Combined net worth does not include the value of the principal residence or the cash value of any qualified retirement savings or individual retirement accounts. It does include any other real estate or investments that are owned.
Only the first $300,000 of the home’s assessed value counts toward these credits. The cities of Gaithersburg and Rockville provide additional tax credits to homeowners under similar programs, according to the release.
To be eligible for the county's senior property tax credit, homeowners must be at least 70. Adults who are at least 70 automatically will receive the credit if they already receive either or both of the state and Montgomery County tax credits, according to the release.
Homeowners who file and qualify after May 1 but before the Sept. 1 deadline will receive either a revised tax bill that reflects the credit amount or a refund if their taxes have already been paid in full.
Homeowners only can apply once per year, and can do so by calling the Maryland State Department of Assessments and Taxation at 800-944-7403, or by downloading the form and instructions from the SDAT website at www.dat.state.md.us/sdatweb/htc.html.