The State of Maryland offers a Property Tax Credit for homeowners whose gross household income is $60,000 or less per year. May 1, 2012 is the deadline to apply for receiving this income-based discount on your July 2012 property tax bill.
Here is a summary of qualifications you'll need to be eligible for this property tax credit:
Your house needs to be assessed at $300,000 or less by the State and you need to live there for at least 6 months per year.
Not counting the value of your own home or retirement accounts, you need to have less than $200,000 in savings, stocks, and / or the value of other properties you may own (assets).
Your total gross household income, including the income of all household residents, must be $60,000 or less.
The State of Maryland homeowner's property tax credit is applied after the Homestead Property tax credit. In Baltimore city, this caps the annual property tax increase for owner-occupant homeowners at 4%.
Here is a link to the State of Maryland website where you can access the application: http://www.dat.state.md.us/sdatweb/htc.html
Here is the phone number for the State Homeowner's Hotline in Baltimore: 410-767-4433.
As I am not an accountant or attorney, this advice is not being offered in lieu of a qualified opinion from a tax professional.
It believed that an estimated 4 out of 5 eligible homeowners fail to apply for this benefit because they simply don't know about it. Hey, when you know better you do better!
Broker / Owner Guerilla Realty and
Vice President Tranzon Fox Auctions
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