DON'T GET CAUGHT WITHOUT YOUR HOMESTEAD PROPERTY TAX CREDIT! In Howard County, we have a Homestead Tax Credit that limits the increase of county taxes to 5% per year and state taxes t
o 10% ... IF THE DWELLING IS YOUR PRIMARY RESIDENCE. But, you MUST APPLY for the credit!
Even in the current real estate 
market, State and County Taxes often do go up! The property taxes you pay are based on a percentage of the assessed value of your home. In the past, the homestead property tax credit transfered with the property -homeowners didn't have to take action to have it applied. But, as of January 1, 2008, Howard County changed it's regulations regarding the credit and has required that all residents apply. Howard County residents have until their next assessment to do so. If you do NOT, you will lose the benefit (which for 2008 averaged $1,000 per household!)
It may be hard to fathom the possiblity that your taxes may go up when all you hear about is your decreasing house value. But, eventually your market value will go up and so will your taxes! So, remember to apply for the Homestead Tax Credit before it's too late. The implementation will take place until December 31, 2012.
A Maryland State hot-line (410-767-2165) has been set up for any questions you may have. Or, give me or Dip a call ... we'd be happy to help!
410-707-1840 Sue@BrazzelDazzle.com 443-745-4406 Dipper@BrazzelDazzle.com
http://localism.com/neighbor/suebrazzel
Sue, each state is different.. I'm so glad to see you calling attention to the way it is in your area.
Thanks for looking, Judi!
Our buyers are told by us, by their lenders, and by the Title Company at settlement ... and they still manage to forget!
Thanks for the reminder. Montgomery County has the same process to get the credit.
Betsy,
You're very welcome!
Sue