BALTIMORE — The deadline for the Homeowners' Property Tax Credit is this Friday, October 1. And while recipients need to meet income thresholds, there are other tax credits available to Marylanders and, more specifically, Baltimore City residents.
Annie Milli, executive director of Live Baltimore, highlighted some of the tax credits available including the High-Performance Newly Constructed Dwellings Property Tax Credit.
This tax credit is available to people buying brand new properties in the City and could save you a lot of money.
"That is a tax credit that's going to reduce your property taxes for five years," say Milli. "You're going to see a 50 percent reduction in the first year that you own a home."
"That can be really significant savings and a great motivator to purchase one of the new homes being built in Baltimore City," she added.
There's 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 to no more than 4 percent per assessment period in Baltimore City.
"In Baltimore City, the median home price has gone up more than 20 percent over the past year alone," says Milli. "Eventually, that rising value is going to be reflected in your tax bill."
And Baltimore City residents that are approved for the Homestead Tax Credit through the state will receive the Targeted Homeowners Tax Credit "applied to your tax bill automatically," says Milli.
For more information on tax credits, and other financial incentives in Baltimore City, you can check out Live Baltimore's website.
For more information from the state, you can check out the Maryland Department of Assessments and Taxation website.