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Property Tax Credit for Elderly Individuals and for Military Retirees

Bill 42-16 provides property tax credit for residents who are over 65 years of age, and who either have lived in their home for at least 40 consecutive years, or, are retired from one of the United States armed forces (a Military Retiree). See below for qualifications. The bill provides a 20% credit on County property taxes, for owner-occupied homes. One of the owners of the home must meet the eligibility requirements noted above. The credit is granted for 5 consecutive years, and the credit is not available after that 5-year period.

The tax credit is available to property owners that are at least 65 years of age and have lived in the same home for at least 40 consecutive years, if the dwelling has an assessment of $650,000 or less, at the time of the application for the credit. If the dwelling is assessed at more than $650,000, then the property is not eligible, and no credit will be granted.

The tax credit is also available to property owners that are at least 65 years of age and are military retirees, if the dwelling has an assessment of $500,000 or less, at the time of the application for the credit. If the dwelling is assessed at more than $500,000, then the property is not eligible, and no credit will be granted. New applications (for eligible seniors or military retirees as noted above)are due on April 1, before the tax year that begins on July 1 of the same calendar year. The application can be printed by clicking on the link below.

At this point in time, one only need apply for the credit once. Applications do not start processing until April 1 each year. Ineligible applicants will be notified by July. Eligible applicants will see the credit on their annual tax bill in July. No need to submit an application for the second through the fifth year of the tax credit program. The credit is automatically processed the second year through the fifth year for all eligible.

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