Seniors and low-income residents have options available to receive tax relief, and County Executive Jan Gardner urged residents Thursday to take advantage of them.
Gardner highlighted three programs: the Frederick County Senior Tax Credit, Homeowners’ Property Tax Credit and the Renters’ Tax Credit.
Senior Tax Credit
The Senior Tax Credit is available to homeowners 65 and older with an annual household income of $80,000 or less. Gardner said Thursday that only one homeowner needs to be 65 or older to qualify for the credit.
Applicants must also have a net worth of $200,000 or less, not counting home value and any qualified retirement savings accounts.
Homeowners’ Property Tax Credit
To qualify for the Homeowners’ Property Tax Credit, residents must live in their house for six months annually, make less than $60,000 a year in household income and have a net worth of less than $200,000, not including home value or qualified retirement savings accounts.
Renters’ Tax Credit
Gardner said Thursday she doesn’t believe too many residents know about the Renters’ Tax Credit, for people over 60, people with a dependent who is under 18 years old or people who are 100 percent disabled. That credit is up to $1,000, depending on household income.
The savings on the other two tax credits varies by income, some residents could see their entire property tax bill abated. The tax credits saved residents more than $4 million in 2018, Gardner said.
“The Homeowners’ Tax Credit is the most generous of them, and there are seniors, if they’re living on social security [payments] only, who will likely get the entirety of their tax bill abated,” Gardner said.
Gardner said renters might not realize a tax credit is available to them.
“In theory, they’re paying a portion of property tax through their rent,” Gardner said. “And so with rental rates being what they are in our county, most people hit the rental rate if they qualify.”
Those who want more information on the county’s tax credits can call the county’s Treasury Department at 301-600-1111.