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Maryland Homestead Tax Credit Application Deadline Approaching

Attention Maryland homeowners, you will lose your Homestead Property Tax Credit if you don’t reapply and that could cost you big. Even if you have received the tax credit for years, a 2007 law requires all homeowners to submit a one time application to establish eligibility for the credit.  Your credit will expire if you don’t renew by years end.  Maryland SDAT reports more than 100,000 Maryland homeowners that still have not replied to notices and reminders.

The Homestead Tax Credit is not mean guaranteed savings for everyone but it does put a cap on the amount your property taxes can increase annually on owner occupied residential property.  Homeowners who do not apply by year’s end will lose eligibility for the credit and will be stuck with a full value tax bill for 2013 even if you reapply for the following year.

You can find out if you have already filed your application by looking up your property here: http://sdatcert3.resiusa.org/rp_rewrite/  Enter your county, click on the Street link then enter your street number and street name.  You do not need to enter street type (street, avenue, lane, etc).  Once you find your property, scroll to the bottom of the page to see the status of your Homestead Application.  If it says “approved” with a date you are good to go.

If you still need to file, you can request the state to email a Homestead application to you with an access number to file electronically by sending an email request to hcredit@dat.state.md.us.

More information from the Maryland State Department of Assessments & Taxation is available here: http://www.dat.state.md.us/sdatweb/homestead.html

First time homebuyer grant funds

Southern Trust just announced it has $1,000,000 in first time home buyer grant funds available.  Eligible buyers will get a 5 to 1 match on funds up to $7,500 toward the purchase of an owner occupied home in Maryland or Virginia.  A qualified buyer with $1,500 would get the full $7,500 in assistance.  There are income and other restrictions and homebuyer counseling is required.

For purposes of this program, a first time buyer is defined as someone who has not owned a home in the last three years.  More information available at http://www.lowrateloan.com/down_payment_assistance.  Contact me directly with any questions and to discuss qualifications.

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