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New Legislation: Maryland Homestead Tax Credit

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Maryland Laws stipulates, "a contract for the sale of residential property shall include (1) the statement 'If you plan to live in this home as your principal residence, you may qualify for the Homestead Property Tax Credit. The Homestead Property Tax Credit may significantly reduce the amount of property taxes you owe.'; and (2)" the website address https://dat.maryland.gov/homestead. The person conducting the settlement for a buyer of residential property must also present the buyer with a copy of the Homestead Application at the time of settlement. The Department has updated information on that application to include the other new statutory requirements.

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