Home Finance Aging In Place Tax Credit available in Howard

Aging In Place Tax Credit available in Howard

967
0

The Howard County Aging-In-Place Tax Credit is available for residents through May 1. It is designed to assist older adults to “age in place” by providing a 20 percent credit on up to $500,000 of assessed property value.

“In Howard County, we are committed to the ideal that everyone can age with dignity and enjoy the very best quality of life, that includes the opportunity to age in place,” said County Executive Calvin Ball. “With an anticipated increase in our older adult population from 14 to 18 percent in the next five years, this tax credit is one financial incentive to allow residents to stay in their homes and offer more affordable living.”

Residents are eligible for the Aging-In-Place Tax Credit if they are 65 years of age and:

● Have lived in the same dwelling for at least the preceding 40 years, or

● Are a retired member of the Armed Forces of the United States (Army, Navy, Air Force, Marines, or Coast Guard) with 20 years of active service or

● Are a surviving spouse of a retired member of the Armed Forces of the United States, with 20 years of active service, and is not remarried.

The credit may be granted for up to five years as long as the property owner remains qualified. A property owner cannot receive this credit and the Senior Tax Credit simultaneously.

Applications are accepted on a rolling basis. Residents can apply via www.howardcountymd.gov/Departments/Finance/Billing-and-Payments/Real-Property-Taxes/Tax-Credits/Other-Residential-Credit .

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here