HI Everyone,
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Have you filed this application? Existing home owners have until Dec 31, 2013 to apply. Here is the link:/ |; o1 j2 c* P, c% h9 [
$ U% l' N! N/ ~: o3 J& e6 ~2 Zhttp://www.dat.state.md.us/sdatweb/homestead_app.htm
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ONLY applies to principal residences.
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, r8 F6 I0 y" P* XMust apply for Tax Credit0 N9 l$ V7 ^- O' f/ Q
6 I& U$ T& Q A. q+ I( ~. A) l7 S Existing homeowners have until Dec 31, 3013 to apply (recent legislation extended the deadline)
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New Buyers will receive an application from the MD county Tax office once the deed is recorded and the database is updated.4 _7 E, g9 @7 r6 Q' w
! F$ N( W# ^6 z, U3 [6 S 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.
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New buyer does not see benfits in first year due to value reassessment made upon transfer of the property
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W& M- z. ^2 d Effectively over time, principal residence owner pays less in property taxes, significant savings* b" v+ e8 S3 N- P$ M5 M" p
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Owner can only receive credit for one property+ b8 w& k$ A' T3 z( s
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