Maryland Homestead Tax Credit: You May Not Know You Could Lose It This Year
Make sure your property is registered by Dec. 31.
Have you registered your home for the Maryland Homestead Tax Credit? If not, you have only a few days left; the deadline to do so is Monday, Dec. 31, 2012. The Homestead Credit limits the potential increase in taxable property assessments to 10 percent or less each year. Applying for the credit would prevent you from having to pay taxes on any increase above that 10 percent cap. The Department of Taxation and Assessments website offers the following example: Assume that your old assessment was $100,000 and that your new phased-in assessment for the 1st year is $120,000. An increase of 10% would result in an assessment of $110,000. The difference between $120,000 and $110,000 is $10,000. The tax credit would apply to the taxes due on …
jnrentz1
8:11 pm on Monday, December 31, 2012
Thank you, I guess, for letting us know on the last day, December 31, 2012. I tried to apply online on behalf of my elderly mother, but could not, because of the "access" code. What is the access code? more ›