At virtually every city meeting involving one or more City Council members, the Homestead Tax Credit comes up. We put an article about it in the Nov. 7 edition of the Baltimore Guide, and now we are mentioning it again.
While many city homeowners have received the credit for years, some may not have known they were receiving it. In the past it was applied to properties automatically—now, you have to apply for it by Dec. 31, 2012, or lose it.
The Homestead Tax Credit limits annual increases to your property’s taxable assessed value to four percent. Keeping your property’s assessed value down will keep your taxes down, or at least lower than the astronomical possibilities.
According to Councilwoman Mary Pat Clarke, the average homeowner can save approximately $1,000 per year in property taxes with the Homestead Tax Credit.
But to receive it, the application must be filed. To request an application, email firstname.lastname@example.org, or call 410-767-2165. To see if you have already applied, you can visit www.dat.state.md.us, click “Real Property Data Search,” enter your address, and click “Search.”
If you don’t submit an application by Dec. 31, who knows how high your taxes could increase?