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Taxes
PROPERTY TAX
You may be overpaying your property taxes. You may be eligible for credits that you are not taking. Your property may have been accessed too high.
Homestead Credit
If a house is your primary residence, you may be eligible to take the homestead credit. The homestead credit limits the amount of your property assessment that you can be taxed on. By state law, the maximum amount your taxable assessment can increase from one year to the next is ten percent. If your house is assessed at $100,000 this year, the highest your taxable assessment could be next year would be $110,000, even if the property's value increases at a faster rate. Individual counties may set the maximum increase at a lower percentage. In Baltimore City and Baltimore County, assessments are capped at a four percent increase per year.
Up until 2007, this credit was given to the homeowner automatically. There was, however, concern that some homeowners were receiving this credit on investment properties that were not eligible. So in 2007, Maryland passed a requirement that a homeowner must make a one-time application to receive this benefit. How to Apply for Your Homestead Tax Credit
Income Tax
When
you purchase a home, there are deductions you can take on both state and
federal income taxes.
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