Don’t Lose Your Homestead Tax Credit

ACT NOW!! DECEMBER 31, 2012 is the deadline for filing your Application for Homestead Tax Credit. It does not matter whether you have owned your house one year or twenty years. An application must be filed by the end of the calendar year. If your application is already on file and approved, you DO NOT need to reapply. It only takes a minute to check to see if you have filed and if you are approved. Follow these steps for Montgomery County: Click on this link: https://sdatcert3.resiusa.org/rp_rewrite/searchtype.aspx?County=16&SearchType=street

Enter your street number and street name. Do not include Street, Court, Drive, etc. Look at the bottom of the page and see if your Homestead application was filed. If it was filed, the entry will show the date your application was approved.

IF IT SAYS ‘NO APPLICATION’ then click on this link for the application: https://www.dat.state.md.us/sdatweb/Homestead_application.pdf

Also, even after you have filed and been approved, you may not receive a credit on your tax bill. The credits only appear when the assessed value of the property has increased over the allowable limits each year. With declining assessment values, you may not actually receive a dollar credit each year. To learn more about how the Homestead tax credit is calculated, click on the link below: https://www.dat.state.md.us/sdatweb/homestead.html

As always, please refer to your legal and tax advisors for personal advice.

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Barbara Ciment, Realtor