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State’s Homeowners’ and Renters’ Tax Credits Deadline Approaching Fast

The Maryland Homeowners’ Property Tax Credit Program allows credits against the homeowner’s property tax bill if the property taxes exceed a fixed percentage of the person’s gross income. In other words, it sets a limit on the amount of property taxes any homeowner must pay based upon his or her income. If your home is your primary residence and you have a total family income of less than $60,000 you may qualify for a property tax credit.

If you think you may qualify, visit:  http://www.dat.state.md.us/sdatweb/htc.html or call 410-767-4433 for details and an application. Remember, the application must be received by September 1 to be considered and you must re-apply each year.

The Renters’ Tax Credit Program is a plan that provides property tax credits for renters who meet certain requirements.   The concept rests on the reasoning that renters indirectly pay property taxes as part of their rent and thus should have some protection, as do homeowners.The credit is based upon the relationship between your rent and income. The formula is based upon your income and compared to the portion of your rent which goes towards the landlord’s real estate tax bill. The credit is paid as a direct check from the State of Maryland.  To see if you qualify visit: http://www.dat.state.md.us/sdatweb/rtc.html or call 410-767-4433.  Your application must be in the hands of the State Department of Assessments and Taxation in Baltimore by September 1, 2013 and you must reapply every year.

This year the state budget includes $62.3 million for homeowners and $2.4 for renters, statewide.  We expect about 53,000 homeowners to receive an average credit of $1,700 while 8,250 tenants should receive an average credit of $295)))

[Source: Office of the Maryland State Senator Ulysses Currie]

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