If you own and occupy a home in Maryland, then you are probably eligible for a Maryland Homestead Exemption. This program designed for owner occupants and may cut your annual property taxes by 30% or more. The problem is that since 2007 what was once applied automatically is no longer the case. To get this exemption the homeowner has to make a one time application to tte Department of Taxation and the final deadline to do so is December 31st of this year. Most homeowners have already done so and you can check to see if you have the exemption by going to this site and pulling up your tax records by address. If you have already applied for the exemption then it will show up at the very bottom of you tax record. If it does not show up then you will need to make application before the deadline. If you own and live in a home in Maryland it is time to check...
One of the biggest shocks to home purchasers in the state of Maryland is the difference between the taxes currently being paid on the property and the increase in the new tax bill when the purchasers take title. This is usually due to the fact that the seller of the home has taken advantage of the tax credit. New homeowners may apply for the homestead exemption at the time of their settlement but will not be eligible for the homestead exemption until they have resided in the property for one calendar year, and will not see the credits appear on their tax bill until the following year.
Bear in mind the the homestead exemption is different from the Maryland Homeowners Property Tax Credit Program which is designed to give tax relief to households that meet certain low income requirements.
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