[Adopted 10-14-2023 by Ord. No. 23-O-08]
In accordance with the provisions of § 9-258 of the Tax-Property Article of the Annotated Code of Maryland, a property tax credit against the city real property tax may be imposed on the dwelling of an eligible individual. For purposes of this section, "dwelling" has the meaning stated in § 9-105 of the Tax-Property Article of the Annotated Code of Maryland.
An individual is eligible to receive the property tax credit if the individual is:
A. 
At least 65 years old;
B. 
Has lived in the same dwelling for at least the preceding 10 years; and
C. 
The dwelling for which a property tax credit is sought has a maximum assessed value of $500,000 at the time the individual first applied for the credit. The maximum value shall increase annually on July 1 by the lesser of the Consumer Price Index (CPI) for the preceding calendar year or 3%.
The tax credit allowed is $150 of the City real property tax imposed on the dwelling. The credit shall be granted each year for a period of up to five years if the individual remains eligible for the credit.
An application for the tax credit shall be made under oath on an application provided by the Director of Finance no later than December 1, 2023, for the 2024 tax year credit and October 1 of the fiscal year in which the credit is being sought thereafter. The application shall provide a legal description of the property and such other information or documentation as the Director may require in order to determine whether the applicant can qualify for the tax credit. An application approved by Prince George's County for its elderly person tax credit will automatically be approved for the City tax credit without further application.
The credit is applicable for fiscal years July 1, 2024, and thereafter, the Mayor and Council of the City of College Park shall reassess every year the tax credit program established in Chapter 175, Taxation, Article V, Property Tax Credit for Elderly Individuals.