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Maryland Homestead Tax Credit
MD State Dept. of Assessments & Taxation (SDAT)
Maryland Homestead Tax Credit is a
tax credit to help homeowners deal with large assessment increases on their principal residence by limiting the increase in taxable assessments each year to a fixed percentage (10% or less each year based on the county or municipality of residence). All counties and municipalities in Maryland.
Property Eligibility Requirements
The tax credit will be granted if the following conditions are met during the previous tax year: The property was not transferred to new ownership; There was no change in the zoning classification requested by the homeowner resulting in an increase value on the property; A substantial change did not occur i the use of the property; The previous assessment was not clearly erroneous. It is a credit calculated on any assessment increase exceeding the 10% limit for the purposes of State property tax and 10% (or less as determined by local governments) for the purposes of lcoal taxation.
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