Friday, October 9, 2009

Property Tax Credit Deadline Extended--Apply Now

I get a lot of calls in my office about low-income and senior homeowner property tax credits, so I want to be sure everyone knows that the deadline to apply for the credits has been extended to November 2. Here's some more information about the County and State programs:

The State of Maryland has a program that gives a credit against the homeowner’s property tax bill if the property taxes exceed a fixed percentage of the household income. In other words, it sets a limit on the amount of property taxes any homeowner must pay, based on his or her income. Montgomery County offers two supplemental tax credit programs. You can apply for all three programs with one application. The deadline to apply for credits has been extended to Monday, Nov. 2.

The tax credit programs available are:
• Maryland Homeowners’ Property Tax Credit Program
• Montgomery County Supplemental Property Tax Credit
• Montgomery County Senior Property Tax Credit

Who is Eligible?
Even if you have applied for a tax credit previously and been denied, you are encouraged to apply again since the tax credit programs have changed and been improved over the years.
You may be eligible for the Maryland Homeowners’ Property Tax Credit and the County Supplemental Property Tax Credit if:

• Your annual household income is about $64,000 or less
• You own and live in your home in Montgomery County
• You have lived in that home for at least six months, or will live in it for six of the next 12 months
• The combined net worth of everyone in your household must not exceed $200,000. This does not include the value of your principal residence or the cash value of any qualified retirement savings or individual retirement accounts. It does include any other real estate or investments you own.
• Only the first $300,000 of your home’s assessed value counts toward these credits
• The cities of Gaithersburg and Rockville provide additional tax credits to their homeowners under similar programs

If you are at least 70 years of age, you will automatically receive the Montgomery County Senior Property Tax Credit if you receive either or both of the Maryland and Montgomery County Tax Credits.

For more information, call the Tax Credits Telephone Service at 410-767-4433 or 1-800-944-7403 (toll free in Maryland).

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