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Have you filed this application? Existing home owners have until Dec 31, 2013 to apply. Here is the link:+ \$ o' _. ] T& x2 [" X
* D2 g/ `" e. Ihttp://www.dat.state.md.us/sdatweb/homestead_app.htm: L1 w! _6 n5 Q) n# t7 ^
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ONLY applies to principal residences.
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Must apply for Tax Credit
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! s4 ?! U" V0 w, A+ J& `$ [ Existing homeowners have until Dec 31, 3013 to apply (recent legislation extended the deadline)& m# x; v; g' }* h: l3 A5 X% j7 U
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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.0 x: b+ Q- N( _& P0 W7 r) x
8 W" c3 U4 C- ]4 G 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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, V9 h0 _5 `# `6 Z& D0 R( G/ f New buyer does not see benfits in first year due to value reassessment made upon transfer of the property4 z! O% g8 v# k6 K, h# |% x
2 [1 ~* M0 e( m* e& \1 q Effectively over time, principal residence owner pays less in property taxes, significant savings
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Owner can only receive credit for one property
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