Mount Rainier homeowners and renter should check this out!
Maryland's Tax Credit Programs
What is the Homeowners' Property Tax Credit Program?
The State of Maryland has developed a program which 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.
What is the Homestead Credit?
To help homeowners deal with large assessment increases on
their principal residence, state law has established the Homestead Property Tax
Credit. The Homestead Credit limits the increase in taxable assessments each
year to a fixed percentage. Every county and municipality in Maryland are
required to limit taxable assessment increases to 10% or less each year. View a
listing of homestead caps for each local government.
What is the Renters' Tax Credit Program?
Effective for 2017: Increased Benefit Formula and Maximum
Renters' Tax Credit of $1000
The Renters' Tax Credit Program provides property tax
credits for renters who meet certain requirements. The plan was modeled after
and designed to be similar in principle to the Homeowners' Tax Credit Program,
which is known to many as the Circuit Breaker Program. 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.
Visit this link and read more: http://dat.maryland.gov/Pages/Tax-Credit-Programs.aspx
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