FREDERICK, Md. (WDVM) — A Frederick County, Maryland tax credit for seniors has expanded to include even more residents and the county executive is urging those residents to take advantage of it.
On Thursday, County Executive Jan Gardner outlined the county Senior Tax Credit for homeowners who are at least 65 years of age, and who have an income of less than $80,000 and a total net worth of $300,000 or less.
Both these requirements were raised to create more access for the growing number of senior residents.
“Households that make $30,000 or less will get a 40-percent credit on their property taxes; where between $30,000 and $80,000 will get a 20-percent [credit.] Before, everybody got a 20-percent credit. It will allow people who are burdened by paying their properties some relief,” said County Executive Jan Gardner.
Gardner also outlined additional tax credits available to county residents: the Homeowners’ Property Tax Credit, and the Renters’ Tax Credit.
The Homeowners’ tax credit is open to homeowners of all ages. Qualifying residents must live in their home for at least six months out of the year and hold a combined income of less than $60,000 a year.
The tax credit will vary on based on income.
And Gardner says the Renters’ Tax Credit is one of the least known credits open to county residents. The tax credit is available to renters over 60, people of any age with a dependent under 18 years of age and for people who are disabled.
The Renter’s Tax Credit is worth up to $1,000.
According to Gardner, residents saved about $4 million through the use of tax credits.