Maryland homestead tax credit
What is the homestead tax credit?
Exactly like it sounds, it’s a credit you get back. Why would the state do so? In my opinion, they’re trying to limit the speed by which tax assessments are growing relative to the speed by which home prices grew in the past five years, resulting in higher tax rate for residents. It is mainly targeted to benefit home owners who live in those residents.
According to SDAT’s website, the tax credit only applies to those residents which are used as a primary resident, and whose owners have lived inside for at least six months of the past year. In 2007 the general assembly passed a law requiring residents to submit a one time eligibility application. Those applications will be mailed and also can be accessed online.
Although at the very end you’ll find that the tax credit is like $500 a year, yet I believe it is worth the minutes you’ll take to file the application online.
The big question is will that help delinquent home owners ? Of course the answer is no! but at least it is something good the state is trying to do.
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