Why are we telling you about the Maryland Homebuyer's Tax Credit now? Because the deadline to file an application is May 1st and this could affect a great deal of Fort Meade area homeowners, particularly those serving in our US Military! We aren't just your Fort Meade real estate pros, we care about our families and our community before, during and after you work with us to find or sell a home! This program is designed to give you a credit, based on a percentage of your income, on your real estate taxes paid.
The very first thing you need to know is that this program is for households whose combined total income is LESS than $60,000 per year. If you meet that criteria, read on...
You must meet three other basic requirements
1. You must OWN or have a legal interest in the property
2. The home on which you are seeking the tax credit must be your primary residence where you live at least 6 months out of the year, including July 1st. There are special conditions if you did not live in the home on July 1.
3. Your net worth (excluding the value of the this property or any qualified retirement savings accounts) must be less than $200,000.
If you've met the criteria above you need to submit an application or you can view all program information on the Maryland State website.
Comments(0)