Carroll County seniors will know tomorrow if the county will offer a new tax credit cushioning their fixed incomes against the area?s rising property values.
The County Commissioners will vote Tuesday on a senior tax credit, offering relief to elderly residents whose property taxes are being inflated by rising property values and development.
About 125 people attended a public hearing March 21, and most supported the measure. Many marveled at how homes that have stood for decades have risen so much in value, as surrounding farmland and forests turned to suburb and subdivisions.
The amount of relief would depend upon a senior?s property value and income, said Director of Management and Budget Ted Zaleski. Seniors 65 and older could get benefits ranging from $10 to $1,500, which would get smaller as the person?s income gets higher or the property value gets smaller.
The full impact on the county?s budget would also depend on how many seniors take advantage of the credit, but the current reserve of about $1.5 million should be able to cover it, said Commissioner Dean Minnich, a Republican.
“There are still some questions about how much tighter it will make our finances,” Minnich said. “The real question is where it will leave us four or five years out.”
“This year will be a bit of a time to get a sense of the impact of the credit,” Zaleski said.
Legislation is still pending in Annapolis that could lower taxes countywide, lowering the cap on property values? taxable yearly growth from 7 percent to 5 percent ? a house?s property value would only grow by 5 percent each year for tax purposes, offsetting climbing property values but potentially limiting the county?s tax revenue.
Even with concerns that a lowered cap could seriously strain the county?s budget, Minnich said the senior tax credit would have to be considered.
“We?ve got to do something for some kind of tax relief for our seniors,” he said.
Staff Writer Craig Meister contributed to this report.
