"Laurel MD Home buyers"get tax credit for buying "foreclosed homes in Laurel MD". Legislation was passed by the The City of Laurel adopting a tax credit program for purchasers of Laurel MD foreclosed homes.
Now in effect, the legislation offers a five-year descending City tax credit of up to $3500 for Laurel MD home buyers purchasing their primary residence within Laurel City limits. Under the program, eligible buyers will receive credit for 100% of their City property taxes up to $3500 for two years following purchase. In subsequent years, three to five, the credit will decrease to 75%, 50%, and 25% respectively.
If the property is deemed to be a "distressed property" the purchaser may be eligible for an extended credit. As with similar programs, the credit terminates when the initial purchaser ceases to occupy the home as their primary residence.
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