The household income limit has been increased from $50,000 to $60,000 for the Maryland Homeowner Tax Credit Program. This program gives tax credits for qualifying homeowners and can make a significant difference in the amount of taxes paid. The Calvert County Tax Credit program is a supplemental tax credit to the state’s Maryland Homeowner Tax Credit Program.

Only one application is required to apply for the tax credit on both the state and county level. Homeowners must complete an application (HTC-60 Form). The increase for income limits becomes effective on July 1, 2008 . Homeowners who earn less than $60,000 gross (combined) income can apply for the tax credit no later than September 1, 2008 .

Some homeowners will see a property tax increase this year but the increase will be lower than last year’s. Property Assessments are performed every three years for one third of Maryland ’s taxable properties. If you have not had a property increase in the last two years, your property re-assessment will most likely appear on your tax bill this year.

Homeowners may appeal their assessments and may be eligible for a homestead tax credit. Homestead credit caps the amount property taxes can increase for homeowners. The credit is available statewide to qualifying homeowners.

For more information or to complete an application on line, please got to the official website at:
http://www.dat.state.md.us/sdatweb/taxcredits.html

I hope you found this information helpful. Remember, when you need assistance in buying or selling your home In Southern Maryland, I am available to help.