Homestead Property Tax Credit

Tax Info from Glenn

TO: THE PEOPLE OF LEGISLATIVE DISTRICT 8 FYI: Here is the link to the application which needs to be mailed by April 1, 2008 in order to receive the tax credit. Even if you have completed and mailed one in previous years, you will need to renew it by sending in a new, completed application. And even though it says it applies to persons who bought property before 12/30/07, it applies to ALL homeowners, regardless of when the property was purchased (or so says the person who answered the phone at the Dept. of Assessments and Taxation)

From: Delegate Eric Bromwell [mailto:eric.bromwell@house.state.md.us] Sent: Tuesday, January 29, 2008 1:24 PM To: Popp, Karen
Subject: Periodic Update: REMINDER-FILL OUT HOMESTEAD PROPERTY TAX CREDIT APP.

Dear Constituent,
The purpose of this e-mail is to provide information on a specific issue. This update may be a copy of a letter or press releas e that I have sent to local news editors, or just a quick note to let you know what is going on in Annapolis. I hope you find the information useful. Please feel free to contact me if you have any questions, concerns or comments. I hope all is well and as always, I look forward to your feedback.
Sincerely,
Eric Bromwell

If you would like to read past press releases and letters to the editor please visit http://www.ericbromwell.com/

TO: THE PEOPLE OF LEGISLATIVE DISTRICT 8 A REMINDER TO FILL OUT YOUR HOMESTEAD PROPERTY TAX CREDIT APPLICATION If you are among the one-third of Marylanders who received your property assessment bill in December 2007, you also received an application to renew the Homestead Property Tax Credit. The one-time application must be filled out and submitted by April 1, or you will lose your tax credit. Anyone who bought a new home before December 31, 2007, OR after December 31, 2007, but before December 31, 2012, has 180 days after the date the home is transferred to the new owner to file the Homestead tax credit application. Thirty years ago, the Homestead tax credit was enacted to give homeowners relief from rapidly rising property tax assessments. The credit, given automatically, applies only to the homeowner's primary residence. Homeowners in the Homestead program can lock in the assessed value of their tax increases by no more than the cap set by each county. The law requires that the cap be set at 10% or less. In Baltimore County, the cap is set at 4%. Without the tax credit, the taxable assessed value of the home will increase by the full amount. Although 48 states have some type of property tax cred it, only 13 states have no verification process to determine that the homeowner is seeking the tax credit for a property that is a primary owner-occupied residence. Maryland had no verification process until the 2007 General approved law to establish a one-time application process to screen out property owners seeking the tax credit for vacation homes and rental properties. To apply for the state Homestead Property Tax Credit: Print and mail the application on the state Web site at www.dat.state.md.us Mail the application to the Department of Assessment and Taxation Apply online at https://sdathtc.resiusa.org/homestead Call 410-767-2165 or 1-866-650-8783 Electronic applications will be accepted through April l. Paper applications will be accepted for a short time after that dated. Please do not hesitate to contact me on this or any other legislative issue of concern to you. As always, I encourage and welcome your input.