Del. Budget-Writers Restore $500 Senior Tax Credit

Delaware’s senior tax credit will be restored to $500 for the first time in five years, after it was reduced by $100 to help the state address a budget shortfall.
The General Assembly’s Joint Finance Committee has voted to restore the $500 senior tax credit. Under the program, homeowners age 65 or over are eligible for a tax credit against regular school property taxes of 50%, up to $400. Those who moved to Delaware after January 1, 2018 must reside in the state for 10 years to be eligible for the credit. The tax credit may only be used against property taxes on a primary residence.
The funding would be included in the operating Fiscal Year 2023 budget to be voted on by the General Assembly next month.

“For many seniors throughout the state, an extra $100 can mean the difference in paying a utility bill, groceries, or even prescription medication. Since Governor Carney recommended in his 2017 Budget to cut the Senior Tax Credit, I have pushed for this to be restored,” State Representative Kim Williams, D-Newport-Wilmington area said. “Given our current budget situation, it’s the right thing to do to provide seniors with a little extra financial support. Yesterday, I voted alongside my colleagues for including this in the fiscal 2023 operating budget and look forward to seeing it pass next month.”

The Delaware Department of Finance reported that more than 70,000 property owners received the senior property tax credit in Fiscal Year 2021, averaging about $340.

“I could not be more thrilled at hearing this great news. Thank you to the Joint Finance Committee for making the $500 Senior Property Tax Credit a funding priority this year,” State Representative Mike Ramone, R-Pike Creek Valley-Newark area said. “I have been fighting for restoration of the credit for multiple years now and, finally being able to tell our senior citizens that some financial relief is coming their way, has made it all worth the work.”