When opening new property assessment notices
delivered to South Carroll mailboxes this past week,
we can't afford to overlook a very important
document in the same envelope: our
Homestead Tax Credit Eligibility Application.
If we do not apply, either on-line or by filling out
the paper application, we are no longer eligible for
this very valuable property tax credit.
My
husband, Mark, and I sat down immediately and spent
three minutes to take care of this. I hope you will
too. I recommend filing electronically to ensure
immediate processing of the application. On-line
applicants receive confirmation of submission.
Confirmation of receipt is not available for mailed
applications.
Some
homeowners are unfamiliar with the Homestead Tax
Credit program, even though it can save us from
paying the full amount of our property taxes. The
Homestead Credit, created to ease assessment shock
on a homeowner's principal residence, caps taxable
assessment increases each year at 10 percent for
state property tax purposes and 7 percent for
Carroll County property tax purposes.
This
credit may not affect all of us this year, but it
will in future years if home prices (and
assessments) spike again.
In the
past, the Homestead Credit was unique because it was
automatic. Homeowners did not have to do a thing to
get it.
That all
changed because of a 2007 state law intended to weed
out owners who improperly claimed multiple primary
residences. Now, all homeowners must
submit a one-time application for the credit.
Those
who recently bought a home will receive special
mailings from the Maryland Department of Assessments
and Taxation. For more information on the
Homestead Credit, log onto
http://www.dat.state.md.us/sdatweb/homestead.html
