Tuesday, November 24, 2015

A Parents' Coalition tip that could save you hundreds of dollars of property taxes

Many homeowners in Montgomery County still have not completed the one-time verification form for the homestead credit. As homes start to appreciate in value, the homestead credit will automatically be applied, but ONLY TO PROPERTIES THAT HAVE A HOMESTEAD VERIFICATION FORM ON FILE WITH THE SDAT. IF THE FORM HAS NOT BEEN FILED, YOUR PROPERTY TAXES COULD GO UP BY HUNDREDS OF DOLLARS IN 2016, 2017, and so forth.

The original deadline for submitting the homestead verification form was December 30, 2013. However, you can submit the form by December 31, 2015 and get the homestead credit starting in 2016. If you’ve already submitted the form, you don’t need to submit it again (unless you move to another home).

Submitting the homestead verification form is quick and easy. Frequently asked questions about the homestead credit and a link to the verification form can be found at:
http://www.dat.state.md.us/sdatweb/homestead_app.htm
The homestead credit is not issued to rental properties or "second homes", such as vacation homes. Each Maryland resident (or married couple) is allowed to claim only one property as their principal residence.

Also – don’t confuse the homestead credit with the “homeowner’s credit”. The homeowner’s credit is available only to low income homeowners and an application for the homeowner’s credit must be submitted each year. In contrast, the homestead credit is available to every owner-occupant, regardless of income.

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