The tax credit is based upon the amount by which the property taxes exceed a percentage of your income according to the following formula: 0% of the first $8,000 of the combined household income; 4.0% of the next $4,000 of income; 6.5 % of the next $4,000 of income; and 9.0% of all income above $16,000. The program sets a limit on the amount of property taxes that a homeowner must pay based on his or her income.
||Only the taxes resulting from the first $300,000 of assessed valuation less any Homestead Credit are eligible for the credit. Applies only to ad valorem taxes imposed by the state, county and municiplities, not charges for water, sewer or other services that may also appear on the tax bill.|
|Homebuyer Counseling /
|Owner Occupancy Required:||Yes|
|Other Program Comments:||Call Tax Credits Telephone Sevice at 1-800-944-7403 or visit www.dat.state.md.us/sdatweb/htc.html|