Just this past week we received our new property tax assessment from the state of Maryland. Property assessment is done every 3 years per the state law and the value have been going up despite the down turn in the market and you know what that means – property tax is going to increase come July 08. State of Maryland has what is called a homestead Tax Credit for principal residence. Homestead tax credit limit the amount of taxable assessment to 10% each year – That is homeowners will not be paying property tax for about 10% of the new increase. In previous years this credit is automatic, but a new law was passed in the general assembly last year. This new law requires that home owners apply for this credit. Check your mail and make sure you did get you new assessment from the state and also make sure you fill out and submit the application for the Homestead tax credit unless of course you don’t mind the tax increase. This credit is for principal residence only investment and vacation homes are not eligible.
Take a minute to fill out the application and mail it quickly. You can also do it electronically until April 1 2008 @ www.dat.state.md.us.
Have any question or concern about real estate drop me an email @ keji@metrohomesrealty.com or visit me @ www.metrohomesrealty.com to view hundreds of houses for sale in Maryland.