[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.
