HI Everyone,
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; L+ i8 |) J, @8 l7 OHave you filed this application? Existing home owners have until Dec 31, 2013 to apply. Here is the link:. P0 e1 ] _; W
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http://www.dat.state.md.us/sdatweb/homestead_app.htm
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ONLY applies to principal residences.
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) l+ [# E2 M+ U2 FMust apply for Tax Credit$ u, j+ F, u, g9 s! s% A
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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.
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( N* v8 A, ^4 p: N* p9 I 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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7 ` g9 K5 ]7 q' k/ f# E+ D$ ? Effectively over time, principal residence owner pays less in property taxes, significant savings' f- f0 D3 b c2 u2 k! k
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Owner can only receive credit for one property0 U$ j* Z) P7 K
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