HI Everyone,' L1 Y6 U7 s! ~& k h: p
7 {# D3 Y4 M# S: f' OHave you filed this application? Existing home owners have until Dec 31, 2013 to apply. Here is the link:
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http://www.dat.state.md.us/sdatweb/homestead_app.htm" P% f, j6 n9 O, s" H- D' ~
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: V1 }8 G8 Y+ r5 U& SONLY applies to principal residences.- O& Y9 z/ Z5 C! v: T
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Must apply for Tax Credit
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Existing homeowners have until Dec 31, 3013 to apply (recent legislation extended the deadline)3 P4 p. L. Q: R$ m" w C& i; e
; U9 C# j9 H& V0 Q$ _ New Buyers will receive an application from the MD county Tax office once the deed is recorded and the database is updated.9 N2 K3 t) R( N4 n
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Phase in any property tax increase over 3 years and limits how much it can go up in each year to 10% of the existing property tax amount.7 \3 C4 m( K- i
) x$ e3 {* F8 ~; v9 k. @* I/ F% `# C. A New buyer does not see benfits in first year due to value reassessment made upon transfer of the property: Q7 Y6 w) v9 y! P- Q
) O- f+ m3 b& R7 w: k2 q) R" p Effectively over time, principal residence owner pays less in property taxes, significant savings7 |/ K# }1 e" D. R" N
; w9 u; k* o) \. ^ Owner can only receive credit for one property0 G" S- |% b4 P. {' B8 H0 c- U
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