The Prince George’s County Council unanimously passed a bill Tuesday that would give some of the Maryland county’s older residents a 20% property tax credit.
According to the legislation, residents 65 years old or older who have lived in their home for at least the last 10 years can apply for the credit.
The resident’s home must have an assessed value of $500,000 or less. Its maximum value will rise every year to account for inflation.
Residents can take advantage of the property tax credit for five years as long as they remain eligible. The credit will be available starting in July 2023.
“Senior residents are the pillars of our community, and we want to provide them with the support they need, so we can continue to build on the foundation they have set,” Council Chair Calvin Hawkins said in a statement. “This legislation brings us another step closer to that goal.”
Council member Edward Burroughs, who sponsored the legislation, said in a statement that it will provide seniors with some financial relief in a challenging economy.
“They are trying to financially balance the cost of prescription drugs, gas prices, and various other responsibilities, which in many instances is extremely difficult,” Burroughs said. “I am grateful to my Council colleagues, and countless residents who voiced their support for this important measure.”