ELLICOTT CITY, Md. (WMAR) — Howard County is now accepting applications for the Aging-In-Place Tax Credit.
Applications can be submitted through through May 1.
It's designed to assist older adults to “age in place” by providing a 20 percent credit on up to $500,000 of assessed property value.
“In Howard County, we are committed to the ideal that everyone can age with dignity and enjoy the very best quality of life, that includes the opportunity to age in place," said County Executive Calvin Ball. "With an anticipated increase in our older adult population from 14 to 18 percent in the next 5 years, this tax credit is one financial incentive to allow residents to stay in their homes and offer more affordable living."
Residents 65 and older are eligible for the Tax Credit if they meet the following requirements.
- has lived in the same dwelling for at least the preceding 40 years OR
- is a retired member of the Armed Forces of the United States (Army, Navy, Air Force, Marines, or Coast Guard) with 20 years of active service OR
- is a surviving spouse of a retired member of the Armed Forces of the United States, with 20 years of active service, and is not remarried.
The credit may be granted for up to five years as long as the property owner remains qualified. A property owner cannot receive this credit and the Senior Tax Credit simultaneously.
Residents are encouraged to apply as early as possible, since applications are accepted on a rolling basis.