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The
homestead credit limits the amount of assessment increase on which a homeowner
will pay property taxes in that tax year on the one property actually used as
the owner’s principal residence. Legislation enacted by the 2007 session of the
General Assembly requires homeowners to submit a one-time application in
order to continue their eligibility for the homestead tax credit. Make sure
the county is giving you proper credit…it could save you hundreds of dollars!
DECEMBER
31, 2013
is the deadline for filing your Application for Homestead Tax Credit. It
does not matter whether you have owned your house one year or twenty years or
if you are already receiving the credit. An application must be filed by
the end of the calendar year. If your application is already on file and
approved, you DO NOT need to reapply.
Every year since it's inception, the deadline has been extended. This is never guaranteed. When you sell a personal residence, the savings may come due. The point of the legislation was to limit the hardship of increased property taxes on homeowners when property values rise dramatically.
How do I know if I need to apply?
It
only takes a minute to check to see if you have filed and if you are approved.
Follow these steps:
1)
Click
on this link: http://sdatcert3.resiusa.org/rp_rewrite/
2)
Select
your County
3)
Enter
your street number and street name - do not include Street, Court, Drive,
etc.
4)
Look
at the bottom of the page and see if your Homestead application was filed. If
it was filed, the entry will show the date your application was approved.
5)
IF IT SAYS “NO APPLICATION” click on this link
for the application: http://www.dat.state.md.us/sdatweb/homestead_application.pdf
Also,
even after you have filed and been approved, you may not receive a credit on
your tax bill. The credits only appear when the assessed value of the property
has increased over the allowable limits each year. With declining assessment
values, you may not actually receive a dollar credit each year.
Want
to learn more?
To
learn more about the Homestead tax credit, click this link http://www.dat.state.md.us/sdatweb/homestead.html
or reply to this email with your questions!
Please
be sure to share this information with your friends and family members that own
a primary residence in Maryland!!
(Most of this article provided by:
Laura Fournier | Mortgage Specialist |Equity Resources,
Inc. |NMLS #198293
15752-B Crabbs Branch Way|
Rockville, MD 20855|
(Phone 301-674-7716 |ÊFax 240-912-9060 | *Email LFournier@callequity.net )
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