Economy
Annual Tax Credit From Maryland: Don't Forget to Claim This
Published:
Last Updated:
Thousands of Marylanders could be eligible for a significant annual tax credit from Maryland, and they may not even be aware of it. The Maryland Department of Assessments and Taxation (SDAT) has started an awareness campaign to make people aware of this annual tax credit from Maryland.
Annual Tax Credit From Maryland For Homeowners
On Tuesday, SDAT announced the start of its 2023 Tax Credit Awareness Campaign to request residents to check their eligibility for the annual tax credit from Maryland – a homeowners’ or renters’ property tax credit. The deadline to apply for both of the tax credits is Oct. 1, 2023.
Although the homeowners’ and renters’ property tax credits date back to the 80s, many residents eligible for the relief may not be aware of it.
Thus, as part of the 2023 Tax Credit Awareness Campaign, the department is mailing about 140,000 postcards to low-income Maryland homeowners who may be eligible for the credit but haven’t yet applied for it.
The Homeowners’ Property Tax Credit Program sets a limit on the amount of property taxes owed based on the homeowners’ income. If a homeowner has already paid their property taxes and applied for the rebate by October 1, any credit the homeowner may be eligible for will be refunded.
Homeowners can apply for the annual tax credit from Maryland online or by paper application. Although paper applications can be downloaded online, it is recommended that homeowners submit the application online, as submitting applications by mail will take comparatively more time.
“Determining eligibility and filing online is fast and easy thanks to our online tax credit application system, and I encourage all Marylanders to learn more about these programs by visiting our website,” Director Michael Higgs said in a press release.
To qualify for a rebate, homeowners must be over 60 years old, have a net worth of less than $200,000 (excluding their home) and have a combined household income of less than $60,000.
Annual Tax Credit From Maryland For Renters
Apart from homeowners, SDAT will also mail postcards to over 5,700 renters who haven’t yet applied for the tax credit, as well as to non-subsidized rental companies. Eligible renters will get a direct check of up to $1,000 per year.
The Renters’ Property Tax Credit Program offers relief to eligible renters who pay relatively more rent than their total income and don’t receive any federal or state housing subsidies. Similar to homeowners, renters can also apply online or through paper applications available online.
To qualify for the rebate, renters must be over 60 years old, fully disabled or have a dependent under 18 living with them if they are below 60 years. Also, renters must not have received any federal or state housing subsidies in the previous year.
Last year, over 37,000 homeowners received an average credit of $1,501, while over 6,000 renters received an average credit of $450. Both of the tax credits helped Marylanders save more than $58 million last year.
This article originally appeared on ValueWalk
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
