The Mayor and Council have discussed at several City Council meetings implementing an Elderly Property Tax credit (Elderly Credit) for College Park residents.

At the September 26 meeting, Ordinance 23-O-08 providing for an Elderly Credit was introduced, and the required Public Hearing was held October 10, 2023. Council has indicated they will not take any action on the ordinance and are giving the public an additional opportunity to comment on the ordinance before considering any action to be taken at the October 17, 2023 meeting.

In summary, Ordinance 23-O-08 establishes an Elderly Credit of $250 annually paid for 5 years. All property taxes must be paid before receiving the credit. To be eligible the following must be met:
• At least one homeowner must be age 65 and over.
• The same homeowner has resided at the property for which the credit is sought for at least the previous ten (10) fiscal years.
• The maximum assessed value of the property does not exceed $500,000. (There are provisions for annual inflation). Note: Based on SDAT assessed value data, 87.2% of residential properties in the City would qualify for this credit just based on the maximum of $500,000.

For the fiscal year 2024 Elderly Credit, the City will accept applications (will be similar to PGC application) through December 31, 2023. Property owners who filed an application with Prince George’s County (PGC), for the county’s Elderly Credit, do not need to file an application with the City.

After this initial year, applications will be due October 1. Applicants are encouraged to apply for the PGC Elderly Credit, through their online portal – a separate City application will not be required.

The FY2024 budget includes $150,000 for the implementation of a tax credit for the elderly.