Maryland homeowners to reapply for homestead deduction
Maryland homestead deduction
The State of Maryland has decided to make all of their property owners re-apply for their Homestead Deduction. This deduction limits the increase in your property assessment on which the State can make you pay taxes, and thereby curtailing the amount of the increase in your property taxes. Property owners should have received or will be receiving their assessments for 2008. The deadline is 4/1/08. You can also go to this website https://sdathtc.resiusa.org/homestead/
Bob Kearns, Loan Officer
January 17th, 2008 at 1:57 pm
MOST PEOPLE DO NOT HAVE TO FILE THIS YEAR. It is only mandatory on those properties that have been re-assessed this year, and the state will be mailing the form with the new assessment notice. Maryland re-assesses 1/3 of all properties each year, so it will be 3 years before everyone is covered by the law. It is also mandatory on sale transactions, and likewise the state will be mailing the form to the purchaser.
**Homeowners whose properties are not in that one-third of the county being reassessed this year can wait until their properties are assessed in the next two years to submit an application.
January 30th, 2008 at 5:09 pm
Actually, the “deadline” of 4/1/08 is really more of just a “due date”. The form can be filed anytime up until late in 2012. If you received the form this year (because it was your turn to receive an assessment notice) and you don’t return the form or complete the form on the web, then the SDAT will start sending out reminder notices to you. The’ll keep nagging you to return the form all the way through 2012, and if you still don’t return the form by 2012, then they’ll change your property status to “not owner occupied”. Still, homeowners who received the form this year might as well complete it now and get it out of the way. It’s free, it’s easy, and it even comes with a postage-paid envelope.