Maryland homeowners are facing significant property tax increases following the state’s latest reassessment, which revealed an average property value rise of 20.1% statewide.
For homeowners bracing for higher property taxes, understanding the available tools and resources is key to navigating this financial challenge:
- Appealing Property Assessments:
Maryland residents have the right to appeal their property reassessment if they believe it overestimates their home’s value.Appeals must be submitted within 45 days of receiving the assessment notice. The process involves providing evidence, such as recent sales data of similar homes in the area.
- Tax Credit Programs:
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- Homestead Tax Credit: This program limits the taxable increase of a home’s assessment to prevent sudden spikes in property taxes. Eligible homeowners should ensure they are enrolled in this program to shield themselves from the full impact of soaring property values.
- Homeowners’ Property Tax Credit: This credit provides relief based on income thresholds, helping low-to-moderate income homeowners manage their tax burden.
- Budget Planning:
For those expecting higher property tax bills, adjusting household budgets to accommodate these changes may be necessary. Setting aside additional funds now can help ease the financial strain later.