In accordance with the provisions of Section 9-258 of the Tax-Property Article of the Annotated Code of Maryland, a property tax credit against the County property tax may be imposed on the dwelling of an eligible individual. For purposes of this Section a "dwelling" has the meaning stated in Section 9-105 of the Tax-Property Article of the Annotated Code of Maryland. Eligibility. An individual is eligible to receive a property tax credit if: the individual is at least 65 years old; has lived in the same dwelling for at least the preceding twenty-five (25) years; and the dwelling for which a property tax credit is sought has a maximum assessed value of Five Hundred Thousand Dollars ($500,000) at the time the individual first applied for the credit, a maximum value that shall increase annually on July 1 by the lesser of (i) the Consumer Price Index (CPI) for the preceding calendar year or (ii) three percent (3%). Amount and duration of credit. The credit allowed under this Section is twenty percent (20%) of the County property tax imposed on the dwelling, exclusive of and separate and distinct from any Homestead or Homeowners tax credit provided. The credit shall be granted each year for a period of up to five (5) years if the individual remains eligible for the credit. Application for the tax credit established herein shall be made under oath on an application provided by the Director of Finance no later than October 1 of the fiscal year in which the credit is being sought. The application shall provide a legal description of the property and such other information or documentation as the Director may require in order to determine whether the applicant can qualify for the tax credit. The credit is applicable for fiscal years beginning July 1, 2023 and thereafter. The Director of Finance shall provide an annual report to the County Council on the property tax credit for elderly individuals on or before December 31 of each year for the previous fiscal year, to include, in total and by Councilmanic District: the number of applications received; the number of applications denied; and the number of tax credits approved; and the dollar value of tax credits granted.