What is the “Homestead Tax Credit”?

Maryland tries to protect long-term, primary homeowners from being “taxed out of their houses,” so the state caps the amount that taxes can increase on a primary residence each year. When the house is sold, the tax bill is reset to account for the current assessment of the property. Then, after a year, the new owner is eligible for the Homestead Credit to keep his/her taxes from significant increases – assuming, of course, it is a primary residence. The Homestead credit is not automatic; it requires an application.

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