Montgomery County Maryland Senior & Veteran Real Property Tax Deduction
In this video Deirdre P Brown explains the Montgomery County, Maryland Senior and Veterans Real Property Tax Deduction.
Hello this is Deirdre Brown your settlement agent serving Maryland, DC, and Virginia. Today I want to talk to you about a Montgomery County real property tax credit for people over the age of 65 who are either veterans or have lived in their home for a certain period of time.
The county just passed this tax bill it will go into effect starting July 1st 2017. If you are the age of 65 and over and you have lived in your house for 40 plus years and the property value of your house, the assessed value, is $650,000 or less you are entitled to this credit.
if you are 65 and older have not lived in your property for 40 years but are a veteran of the US Armed Forces and the property value is $500,000 or or less then you also entitled to this credit.
The way you get the credit is that you apply with the office of tax and revenue. There's an application on the Montgomery County real property tax website. If approved, you will get 20% off your county taxes but only for five years. You must apply each year. It is a one-time credit. You can get it for five consecutive years.
Now in order to get the credit, because the tax year starts on July 1st of each year. You normally would have had to apply by April 1st in order to see it for July 1st of the following years taxes. However for this year (2017) they're extending the application deadline to September 1st because they just passed the bill and they want to make sure they get the word out. The other thing is that you July 1st bill won't show the credit instead you'll get what's called a revised tax bill later in the tax season.
If you have more real property tax related questions or title related questions please reach out to me at closewithdee.com