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Important! Maryland Homestead Tax Credit
Feb. 4th, 2008 09:00 pmIf you own a home in Maryland, you are eligible for the Homestead Tax Credit. As you probably know, every three years, the property value of your home is reassessed by the government, and you owe property tax on the new value. However, to avoid rapid increases in property value taxes, there is a limit in how fast the tax can increase, between 2% and 10% per year, depending on where you live.
The difference between the increased tax on your newly assessed value and the maximum increase is the Homestead Tax Credit. Normally, this is applied automatically, and if you're still paying a mortgage, you've never really noticed. But starting this year, when you get your assessment, it will include an application you'll need to send in, or forget the credit. FAQ about the Homestead credit.
If you didn't get your assessment this year (you only get it every three years) then you'll get to send your application next year or the year after, when your assessment arrives.
It's a one-time thing, so this should be the only time you have to do it. Until next time.
The difference between the increased tax on your newly assessed value and the maximum increase is the Homestead Tax Credit. Normally, this is applied automatically, and if you're still paying a mortgage, you've never really noticed. But starting this year, when you get your assessment, it will include an application you'll need to send in, or forget the credit. FAQ about the Homestead credit.
If you didn't get your assessment this year (you only get it every three years) then you'll get to send your application next year or the year after, when your assessment arrives.
It's a one-time thing, so this should be the only time you have to do it. Until next time.
