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Village of Takoma Park
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HomeProperty Tax Savings

PROPERTY TAX SAVINGS

 

 

Property Tax increase deferral for 65+:   The Montgomery County Councilunanimously approved a bill in May 2016 designed to help seniors stay in their homes by deferring property tax increases. Expedited Bill 10-16 will enable seniors of at least 65 years of age and individual or combined gross incomes of $80,000 or less to defer increases on property taxes on their principal residence for as long as they own their homes. Under the income threshold of $80,000, the eligibility criteria would capture roughly half of senior households in Montgomery County.  More information about Bill 10-16 is available at http://tinyurl.com/zfz4jg9


Property Tax Credit:  If you are over 65 and have lived in the same Montgomery County home for at least 40 years or are over 65 and a veteran of the U.S. military, you can get a 20% property tax credit for each of the next 5 years.  If you're a veteran, your house must be assessed at less than $500,000 to be eligible.  If you're not a veteran but have lived in your house over 40 years, the assessed value must be less than $650,000.   For more information, click here.