Property tax credits available in Baltimore
BALTIMORE – The deadline for the property tax credit for homeowners is this Friday October 1st. And although recipients must meet income thresholds, other tax credits are available for Marylanders and, more specifically, residents of the city of Baltimore.
Annie Milli, executive director of Live Baltimore, highlighted some of the tax credits available, including the property tax credit for high-performance new housing.
This tax credit is available to people who buy new properties in the City and could save you a lot of money.
âIt’s a tax credit that will lower your property taxes for five years,â Milli said. “You’re going to see a 50% reduction the first year you own a home.”
âIt can represent really big savings and a big motivation to buy one of the new homes being built in Baltimore City,â she added.
There is also the Homestead Tax Credit, a statewide property tax credit that is available to people who own and live in their homes.
This tax credit will cap the increase you can see in your property tax credit at no more than 4 percent per appraisal period in the city of Baltimore.
âIn Baltimore City, the median home price has risen more than 20% in the past year alone,â Milli said. “Ultimately, this growing value will be reflected in your tax bill.”
And residents of the City of Baltimore who are approved for the Homestead Tax Credit through the state will receive the Targeted Homeowner Tax Credit “automatically applied to your tax bill,” says Milli.
For more information on tax credits and other financial incentives in Baltimore City, you can visit the Live Baltimore website.
For more information about the state, you can visit the Maryland Department of Assessments and Taxation website.