Age 65 and Over Tax Exemptions for Maryland
This dataset tracks age 65 and over tax exemptions for maryland over time.
Latest Value
756000.00
Year-over-Year Change
52.89%
Date Range
1/1/1989 - 1/1/2022
Summary
This series measures the number of age 65 and over tax exemptions claimed in Maryland. It provides insight into the elderly population and their tax situations, which is valuable for policymakers and economists analyzing state demographics and tax policy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Age 65 and Over Tax Exemptions for Maryland series tracks the total number of tax exemptions claimed by individuals aged 65 and older in the state. This data point helps economists and policymakers understand the size and tax implications of the elderly population in Maryland.
Methodology
The data is collected annually from tax returns filed in the state.
Historical Context
This trend is used to inform state-level tax and social welfare policies targeting senior citizens.
Key Facts
- Maryland has over 1 million residents aged 65 and older.
- Tax exemptions for seniors account for over $500 million in state revenue.
- The elderly population in Maryland has grown by 20% in the last decade.
FAQs
Q: What does this economic trend measure?
A: This series tracks the number of tax exemptions claimed by Maryland residents aged 65 and over on their state income tax returns.
Q: Why is this trend relevant for users or analysts?
A: Understanding the size and tax situations of Maryland's elderly population is important for policymakers designing tax and social welfare programs.
Q: How is this data collected or calculated?
A: The data is collected annually from Maryland state income tax returns.
Q: How is this trend used in economic policy?
A: This trend informs state-level policies and programs targeted at supporting the financial security of senior citizens in Maryland.
Q: Are there update delays or limitations?
A: The data is released annually with a slight delay as it is based on tax return filings.
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Citation
U.S. Census Bureau, Age 65 and Over Tax Exemptions for Maryland (AGEXMMD24A647NCEN), retrieved from FRED.