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NEWS RELEASE FOR IMMEDIATE RELEASE
April 1, 2004
OTR Announces Process to Apply for New Lower Income Homeowners Tax Credit
(Washington, DC) The Office of Tax and Revenue (OTR) announced that this week it is mailing to certain District property owners information about a new tax credit program for eligible lower income homeowners. The Lower Income Long-Term Homeowners Credit is a new credit for tax year 2003 that was recently passed by the DC Council to ease the effect of rising assessments and taxes on low-income residents who have lived in their homes seven consecutive years or more.
Deputy Chief Financial Officer Daniel Black stated, "This important new credit was passed by the DC Council in early February. Since then, OTR has worked hard to implement it, so that eligible residents can receive some relief from rising residential property assessments and taxes throughout the city."
Included in OTR's mailing are an information notice and a Schedule L, the form to be used to apply for the credit.
The requirements for receiving the credit are:
- You must have owned and occupied the property as your principal residence for at least the last seven (7) consecutive years;
- The property must be receiving the homestead deduction;
- The total household income of all household members of your residence must not exceed the Household Income Limit Table listed in Section D on the Schedule L; and
- Your application must be filed by December 31, 2004.
OTR anticipates that the issuance of refund checks for this program will begin by August 1, 2004. Interested homeowners should call (202) 727-4TAX (727-4829) for more information.
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