DOVER — Delaware’s senior population may receive a financial boost as the Joint Finance Committee voted to increase the senior property tax credit Tuesday.

The committee voted to increase the senior property tax credit, restoring the amount to its level prior to 2017. The credit, which is being raised to $500, was previously cut by $100 to fix a budget deficiency in 2017.

The vote took place at Tuesday’s Joint Finance Committee meeting during the committee’s markup period. During this period, Joint Finance Committee members vote on specific budget requests for the subsequent fiscal year. Committee members take part in outlining the requests along with Gov. John Carney’s recommended budget, which must be voted on by the full legislature next month before enacted.

Currently, homeowners who are 65 and older are eligible for a tax credit against regular school property taxes of 50% up to $400. The tax credit is only permitted to be used against property taxes for a senior’s primary residence.

More than 70,000 property owners received the senior property tax credit in FY 2021, averaging about $340 per owner, according to the Department of Finance.

Joint Finance Committee member Rep. Kim Williams, D-Newport, has advocated for the restoration of the senior property tax credit and said helping Delaware’s seniors is the right thing to do.

“For many seniors throughout the state, an extra $100 can mean the difference in paying a utility bill, groceries or even prescription medication. Since Gov. Carney recommended in his 2017 budget to cut the senior tax credit, I have pushed for this to be restored,” Rep. Williams said in a press release.

“Given our current budget situation, it’s the right thing to do to provide seniors with a little extra financial support. (Tuesday), I voted alongside my colleagues for including this in the fiscal 2023 operating budget and look forward to seeing it pass next month.”

Sen. Jack Walsh, D-Townsend, who has supported previous legislation regarding the senior property tax relief program, said in light of the pandemic, the time to help Delaware’s seniors is now.

“No one has been hit harder by the COVID-19 pandemic than Delaware’s growing population of seniors,” Sen. Walsh said in a press release.

“As we prepare to vote on how to allocate yet another surplus, I am grateful to my colleagues on the Joint Finance Committee for recognizing that it is time to restore the full senior property tax credit that was reduced in 2017 during a very difficult budget year. Seniors on a fixed income are being asked to stretch every dollar as far as it will go, and this tax credit combined with the tax relief rebate program we passed earlier this year will help provide them with the breathing room they desperately need.”

Rep. Mike Ramone, R-Newark, has also supported legislation regarding the senior tax credit, including HB 287, which is currently in the House Administration committee. The bill was sponsored by Rep. Kevin Hensley, R-Townsend, and additionally sponsored by Rep. Ramone and Sen. Ernie Lopez, R-Lewes, and would raise the senior property tax credit to $750.

“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,” Rep. Ramone said in a press release.

“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.”

The Joint Finance Committee will meet today at 10 a.m. to continue reviewing the budget for FY 2023, which once complete, will be voted on by both chambers of the General Assembly.