HI Everyone,
6 _( n+ X; d$ p3 o' t; r& L: ]+ |3 o% {# o" F( k
Have you filed this application? Existing home owners have until Dec 31, 2013 to apply. Here is the link:2 Q: `! [7 m8 `4 J$ c
0 J' Y+ D5 n6 u( u' s# _7 ?http://www.dat.state.md.us/sdatweb/homestead_app.htm
% S3 F/ I5 b' j9 @# S/ i
5 _$ A4 A4 ~5 x6 ^; @+ @* z& I0 J% A* I9 R$ e4 p% R
6 L& _0 a4 h2 O7 ?5 {ONLY applies to principal residences.
! Q3 W) U4 |- v; z
8 [4 ?+ e V. }% |0 m) ?Must apply for Tax Credit) p* Z$ h5 J s1 ^& F
( O4 O* V7 U1 e7 c2 }: T6 b
Existing homeowners have until Dec 31, 3013 to apply (recent legislation extended the deadline)6 v4 g0 a/ ~! z i3 E- _
; S7 m( L$ U j! i, Y+ G
New Buyers will receive an application from the MD county Tax office once the deed is recorded and the database is updated.
$ O- W% V& z9 |/ z- O% n
6 f/ _3 z( b, `1 U- U 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.& ~2 C- M \6 c/ `
: S9 ^0 N. A5 L, a
New buyer does not see benfits in first year due to value reassessment made upon transfer of the property4 b4 i) i0 J1 a8 ]# N2 _- ^0 q& M9 j
1 l3 _1 Q; X" |# n% g
Effectively over time, principal residence owner pays less in property taxes, significant savings
. G& v, p( f9 t8 I- B* b' w, }* H& \' L; P
Owner can only receive credit for one property5 m' z1 U" @+ k; T2 d) u) f
% d9 l% ^7 d8 O1 K; e; o! x; j
% H' h" M5 Y1 j# m! \" z5 }. j
( W1 b! S% Q/ ^! V# Q% z0 C8 t0 V8 C
# X# ~3 l6 p4 {% p" u |