More seniors and members of the military and their spouses will be eligible for property tax credits if the Frederick County Council passes three of the bills proposed by a Republican congressman.
Councilman Steve McKay has the support of three other council members, giving him the votes he needs to pass his proposals.
Assembly President Brad Young, D, Vice President Kavonté Duckett, D, and Assemblyman Mason Carter, R, are all in attendance to represent the bills, which McKay announced at a training session today. Two.
In Frederick County, people age 65 or older with a combined household income of $30,000 or less may qualify for a 40% property tax credit, or after adjusting for other credits and exemptions. Those with combined household income above $30,000 but not more than $80,000 can receive a 20% credit.
The tax credit is available for the first $300,000 of the assessed value of the home.
Under one of McKay’s bills, seniors with a combined household income of $50,000 or less could qualify for a 50% tax credit. Those with combined income above $50,000 but not more than $100,000 are eligible for a 30% tax credit.
The property tax credit will be given for the first $500,000 of the home’s value.
Councilman Jerry Donald, D, said he is concerned that extending the debt will reduce the county’s revenue to support long-term projects such as parks and libraries.
“Ask yourself, ‘what are we giving up?'” Donald said during the meeting.
Donald said raising the house price to $500,000 would be too much of an increase. McKay, however, said he would be willing to lower the proposed limit, suggesting $400,000.
“I’m ready to show some flexibility on some of these ideas,” McKay said.
Adults and uniformed workers
The province also offers a 20% tax credit to retired workers 65 years of age or older, or their surviving spouses, and seniors who have lived in a home for at least 40 years. and the household income is $80,000 or less.
Active-duty, retired and retired employees with a service-related disability, or their surviving spouse, may also qualify for the tax credit, according to provincial law.
Those who qualify can receive the tax credit for a period of up to five years.
McKay’s other bill would raise the tax credit to 30% and the qualifying income limit for seniors who have lived in their home for at least 40 years to $100,000.
It will also remove the five-year term limit.
Veterans with a permanent service-connected need may qualify for a property tax credit of either 25% or 50%, to depending on the severity of their disability. The surviving spouse of a disabled person can also receive the credit for a maximum of five years, if they have not remarried, are provincial law states.
McKay’s third bill would be up to five years in length.
McKay was a co-sponsor of the bill to establish the estate tax of disabled seniors in 2021, which included a five-year limit for living spouses.
“Honestly, I’m sad that it was put in,” McKay said during the meeting.
Follow Jack Hogan on Twitter: @jckhogan