Renter's Tax Credit - Available in Maryland
The Renters' Tax Credit Program is a plan that provides property tax credits for renters who meet certain requirements. If you are age 60 or over or 100% disabled, or if you are under the age of 60 who has at least one dependent under the age of 18 living with you AND you did not receive federal or state housing subsidies or reside in public housing, you may be eligible for this program.
What are the benefits?
The plan is designed to be similar in principle to the Homeowners' Tax Credit Program. The concept is based on the reasoning that the monthly rent that renters pay indirectly pays at least part or all of the property taxes and thus renters should have some protection, as do homeowners.
If the portion of rent attributable to the assumed property taxes exceeds a fixed amount in relation to income, the renter can, under specified conditions, receive a credit of as much as $750.
What else do I need to know?
The rented dwelling may be an apartment in an individual house or any type of apartment building, duplex, co-op, condominium, house trailer, or mobile home pad.
The dwelling must be the principal residence in Maryland and the renter must live there at least six months of the year.
The applicant must have a bona fide leasehold interest in the property and be legally responsible for the rent.
Income charts and tax limit charts can be found online at www.dat.state.md.us/sdatweb/rtc.html to help you determine whether or not you will be eligible.
You must apply every year by no later than September 1 on a standard application supplied by the Department of Assessments and Taxation.
For more information, contact:
State Department of Assessments & Taxation
Renters' Tax Credit Program
301 W. Preston Street, Room 900
Baltimore, Maryland 21201-2395
Phone: 410.767.4433 or 1.800.944.7403
Website: www.dat.state.md.us/sdatweb/rtc.html
Glen Burnie offers many affordable housing opportunities for those relocating to Ft. Meade and Annapolis. Glen Burnie is located north on 97 from rt 50 or north on Rt. 2 from Annapolis Naval Academy and east along 32 and north on 97 from Ft. Meade. It is a relatively easy commute from either base and only a couple short miles from the Curtis Bay Coast Guard Station too, as well as being commutable to DC whether you ride the MARC from Odenton or drive.
If you are thinking of buying or selling a home give me a call today and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building a lone is worth the plunge into todays market.
During 2009 Advance Realty Anne Arundel Inc is waving administrative fees active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's. If you enter into a contract by the New Year's eve Advance Realty Anne Arundel Inc. will waive the admin fee at settlement. This is a $350 savings. If you are thinking about buying or selling a home give Advance Realty Anne Arundel a call and receive full service real estate assistance from an experienced agent. Our office is open 7 days a week and we can be reached at 410-761-1550.
June Piper-Brandon, Broker - Advance Realty Anne Arundel Inc.
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