Homestead Tax Credit saves you from property tax increases

By
Real Estate Agent
http://activerain.com/droplet/NPd

 

Dec. 31, 2012 was a much anticipated day to herald the dawn of a new year. But within the real estate industry, it was a date to beat for property owners. It was the last day of registration for the Maryland Homestead Tax Credit. What is it exactly?

homestead tax credit

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The homestead tax credit puts restriction on potential increases in taxable property assessments to 10% or even less, annually. Many Maryland homeowners have taken some of their New Year preparation time to grab the big advantage it offered. While many were busy with parties, countdowns, reunions, cooking, and some firework showcases – there are those that have applied for the homestead tax credit. Those who have beaten the deadline will be spared from having to pay taxes above the stipulated 10% cap. It awards big savings, the amount saved could be used for other purposes like home improvement projects.

Otherwise, those who have not taken effort to apply would have to pay their property taxes in full amount along with the increase. The total amount will be determined when the property is subjected for reassessment.

The federal government used to have the homestead tax credit applied automatically. However, abuses surfaced such that there were owners who were applying for rental properties. To avoid such incidents, a law was passed in 2007 to put stop to these fraudulent acts.

The Homestead Tax Credit Division of Maryland is located on 301 West Preston Street, 8th Floor Baltimore MD 21201. In case you have not applied for the homestead tax credit, you can visit them and inquire about the next deadline. You may also reach them at 410-225-9344.

The Homestead Tax Credit could be your protection for increasing property taxes. Be sure that you register your property each year to be included in the statistics of those who benefit from the 10% tax cap.

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Maryland Montgomery County
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Posts to Localism
Tags:
property tax
tax credit
homestead tax credit
property assessment
taxable property
maryland homestead

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Bruno & Noel Tarquinii

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