PSA: Howard County Aging in Place Tax Credit on Property Tax

[cantstop]

If you've owned your house in Howard County for at least 30 years, only own one home and are over 65 you qualify. More breaks for retired military and spouses of deceased retired military.

Here is the link:

Tax Credits | Howard County

www.howardcountymd.gov

The program provides a tax credit to owner of a property, if the owner is at least 65 years old and has lived in the same dwelling for at least 30 years as of June 30 or at least 65 years old as of June 30 and is a retired member with 20 years of active service of the Armed Forces of the United States or the surviving spouse of the service member. A property owner that owns more than one residential property is not eligible for this credit.

The longevity qualification for Tax Year 2023 and subsequent years is 30 years as of June 30 preceding the new tax year. An individual who qualifies for this credit is eligible for a property tax credit equal to 20% of the eligible County tax. The eligible County tax means the County tax on the lesser of $650,000 or the assessed value of the dwelling reduced by any assessment on which a property tax credit is granted under section 9-105 of the Tax-Property Article of the Annotated Code of Maryland (the Homestead Tax Credit).

Applications must be filed by June 30th before the new tax year.

 

[antco]

Not sure I like the narrow window so much but at least placing secondary homes into an LLC or trust (which they should be in anyway) can settle the recipient back into a true status of "owning only one residential property".

I wonder if the elderly who have already moved their only home that they've lived in for >30 years into a trust for ease of transfer after death are still eligible.

*I did not read the article

 

[SKIP]

This is my second year in this program.

 

[gem357]

Thanks for the link OP, just a little over 1 year and we'll qualify.

 

[TheBert]

If I lived in HoCo and if I lived in my house for 30 years and if I qualified for this program I would save $120 per month.

 

[cantstop]

Surprisingly, I had all of the required doc's at home last night. (Including a copy of the Deed.) I scanned in the stuff, and filled out the application online. It didn't take too long. The application is all on one web page. They did say I might not see the discount on my first bill, but I would still get the discount this year. The exact words are:

Due to the high volume of tax credit applications, you should not expect to receive the Aging in Place tax credit on the July 1, 2023 bill. You are advised to pay the tax bill as shown if you wish to receive the discount for early payment offered by Howard County. If you pay your bill in full, then you will receive a refund once the credit has been applied.

Credits will be applied on one of the following dates:
Annual Billing- July 1st
Supplemental Billing- September 1st
Second installment- December 1st

 

[lazarus]

If you've owned your house in Howard County for at least 30 years, only own one home and are over 65 you qualify. More breaks for retired military and spouses of deceased retired military.

Here is the link:

Tax Credits | Howard County

www.howardcountymd.gov

Good to know. I don't plan to still be in my house when I hit 30 years. I've been a homeowner in the county for 16 years though. Just not of the same home.

The part I don't like about this is that if someone wanted to downsize later in life, they wouldn't be eligible, even if they wanted to stay in the county.

 

[cantstop]

Saturday bump

 

[cantstop]

I received my confirmation/approval email this am.

WooHoo!

 

[cantstop]

I got my oh-fish-awl tax bill on Saturday and my aging in place discount was a little over $1K.

Not too bad.

 

[Alan3413]

If I lived in HoCo and if I lived in my house for 30 years and if I qualified for this program I would save $120 per month.

So $1440/year? Not too shabby