Could the New Elderly Tax Credit Save You Money?
Updated: Jun 6
Do you live in Prince George’s County? Are you a homeowner over the age of 65? You may be interested to learn that you could be eligible for a reduction in your property tax bill.
We’ll take a look at who is eligible, how they should apply, and how the tax credit works so you can determine if it’s a good money move for you.
What is the Prince George’s County “Elderly Property Tax Credit”?
According to the official website for Maryland’s Prince George’s County government, “this new credit, effective July 1, 2023, will provide up to a 20% credit of the County property taxes, inclusive of any Homeowners and Homestead Tax Credit, for up to 5 years.”
You may also see this credit referred to as the Prince George’s County “Senior Property Tax Credit.”
Who is Eligible for the Credit:
To qualify for the credit, At least one owner will need to meet all of the following requirements:
Be 65 years of age or older
Own and reside at the residence for a minimum of 10 consecutive years prior to application
The assessed value of the home must not exceed $500,000 for 2023 applicants
The valuation maximum for 2023 is $500,000 as mentioned above, but to help keep pace with inflation and market values, the maximum value limit will be increased annually on July 1 by either the Consumer Price Index (CPI) for the preceding calendar year or by 3%, whichever is less.
According to the legislation, “the credit shall be granted each year for a period of up to five (5) years if the individual remains eligible for the credit,” and is applicable for the fiscal year beginning July 1 2023 and thereafter.
How Do I Apply for the Elderly Property Tax Credit in Prince George’s County?
Fortunately, application is fairly easy, though PG County does recommend allowing 4–6 weeks to hear back once you’ve applied. With this in mind, it’s best to apply sooner rather than later!
You can find the official application here, and may return the completed document via mail or email according to the instructions at the top of the form. Please note that the official application deadline each year is October 1st, which means forms must be received no later than that date to be considered.
If you have any questions, please feel free to reach out to us! We’re happy to help.