Harford County residents of modest means could soon get some relief on their property tax bills.
Standing before a crowd of senior citizens at the McFaul Activities Center in Bel Air, County Executive David Craig announced Tuesday that he would ask the County Council to expand a state tax credit program to cover more Harford County?s residents.
Under Craig?s proposal, more residents will be able to apply for tax credits that could range from $300 to $1,500 per year depending on the homeowner?s income, assets and property value.
Aaron Tomarchio, Craig?s chief of staff, estimated that the tax credit will cost the county between $750,000 and $1 million in lost revenue.
“Our aim is to keep more people in their homes, in their communities and as active residents of Harford County as they have been for decades,” Craig said.
The proposal will lower eligibility thresholds on the states Homeowners Tax Credit Program so that residents would qualify if their household income is lower than $60,000, their net worth (excluding the property and any retirement accounts) is less than $200,000 and the home?s net worth is less than $400,000. Under the state program, the home?s net worth must be less than $300,000.
Though senior citizens would be the largest group eligible for the program, it could also apply to families with low or fixed incomes, Craig said.
The tax credit will especially help residents with rising property assessments. Many residents just received their new assessments over the last few weeks, and some have gone up more than 55 percent in the northern end of the county, said District D Councilman Chad Shrodes.
Craig he saw no contradiction between offering the credit while asking the state to raise the county?s tax on new home sales, which affect an entirely different group, he said.
Harford would join Anne Arundel, Charles, Frederick, Howard and Montgomery Counties in offering supplemental tax credits.
