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Maryland Homestead Property Tax Credit Information

Photo by: Thad Zajdowicz

The Maryland Homestead Property Tax Credit is described as a tax credit to help homeowners deal with large assessment increases on their principal residence by limiting the increase in taxable assessments each year to a fixed percentage. Although this tax credit is very beneficial, many Marylanders have not yet applied for it.

But it’s not too late! MyCity4Her Enterprise subscriber, Jane Brewer with KatzAbosch, shared the following email to let you know how you can see if you’ve applied, what credit amount may be and when the deadline to apply is. See below:

This Homestead Property Tax Credit HAS NOT yet been applied for by many property owners for their PRINCIPAL RESIDENCE in the state of Maryland.  If it’s not applied for by 12/31/12 the credit will not be applied to next years tax bill.

I’ve done a spot check of neighbors, relatives and friends and have found many have not yet applied.  If you’ve already applied great – but if not consider this email my Holiday Present to you!!!

Here’s the link where you can check to see if you’ve applied: http://sdatcert3.resiusa.org/rp_rewrite/

If you want to know what it will cost you if you haven’t applied look at your principal residence’s property tax bill for this past fiscal year….you will see an adjustment to your tax for this Homestead credit.  It is generally not an insignificant amount – could be $1000 plus!!

Application Requirement

To prevent improper granting of this credit on rented or multiple properties of a single owner, a new law was enacted in 2007 that requires all homeowners to submit a one-time application to establish eligibility for the credit. View a list of commonly asked questions on the Homestead Application.

Stacey
Author: Stacey

1 COMMENTS

  1. Does this entail reassessing the current value of your home? What if you think your home might be worth more than it is assessed? Do you run the risk of getting a higher assessment in the process?

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