Governor Larry Hogan recently announced that the Maryland State Department of Assessments and Taxation (SDAT) is extending the deadline to apply for 2020 Homeowners’ and Renters’ Property Tax Credits from October 1 to October 31.
GSG’s latest podcast features Tax Manager, Angela Dmitrieva, who breaks down three important tax credit programs to consider as part of this extension:
- The Homeowners’ Property Tax Credit: providing relief for eligible homeowners by setting a limit on the amount of property taxes owed based on their income.
- The Renters’ Property Tax Credit: providing relief for eligible renters who pay high monthly rent relative to their total income and do not receive federal or state housing subsidies or reside in public housing.
- The Homestead Property Tax Credit: providing relief for Maryland homeowners, which accrues over time by limiting the increase in taxable assessment each year to a fixed percentage.
In order for taxpayers to take advantage of these tax credits, a new application must be filed every year. Applications can be submitted online through Maryland OneStop, where you can download the PDF form to fill out for mailing or apply online.
For additional questions about these credits, applicants should visit www.taxcredits.sdat.maryland.gov, or contact SDAT as follows:
- Homeowners’ Property Tax Credit: [email protected]
- Renters’ Property Tax Credit: [email protected]
- Homestead Property Tax Credit: [email protected]
For questions or concerns, contact our team.Categories: Tax, Tax Planning, Real Estate, COVID-19 Resources