Stocks News

2024 Maryland Homeowners and Renters Tax Credit: Now Available

Maryland homeowners and renters can now apply for the 2024 credit program. Applications for the Maryland Homeowners and Renters Tax Credit Program opened earlier this month. Qualified applicants can apply for credit by visiting the program website.

How to apply

Earlier this month, the Maryland Department of Assessment and Revenue announced that applications for the 2024 Homeowners and Renters Tax Credit Program are now available online. The 2023 program helped Marylanders save more than $58 million.

Applicants can visit the Department’s innovative online tax credit application system to determine eligibility and submit an application for the Maryland Homeowners and Renters Tax Credit Program. The application deadline for both programs is October 1, 2024.

“We are continuing to improve our online tax credit application system to make it faster and easier for Marylanders to claim these important tax credits than ever before, and the department looks forward to providing our customers with the best service possible,” said Michael. Director Higgs said: From his press release.

The deadline is October 1, but applicants whose applications are approved by April 15 will have their credit reflected on their July tax bill. If an applicant applies by October 1 and has already paid property taxes, the County Treasurer’s Office will refund any available tax credits.

Anyone who received the Maryland Homeowners and Renters Tax Credit in 2023 will automatically have a 2024 application sent to their home address. Others can download the application by visiting the Maryland Department of Taxation website.

Maryland Homeowners and Renters Tax Credit Program: What Does It Offer?

Maryland’s Homeowner Property Tax Credit Program provides tax relief to eligible homeowners by capping the amount of property taxes owed based on income. In fiscal year 2023, 36,862 eligible homeowners received an average tax break of $1,501.

Likewise, the Renters Property Tax Credit Program provides tax relief to eligible tenants who pay more in rent compared to their gross income. We provide eligible renters with a credit of up to $1,000 in the form of a direct check.

In FY23, an average of 6,004 eligible renters received $450 in tax relief. The majority of beneficiaries are over the age of 60, but the credit is also available to people who are 100% disabled or renters under 60 who have at least one dependent. Applicants must also meet income criteria.

In addition to the Maryland Homeowners and Renters Tax Credit, residents may also be eligible for the Homestead Tax Credit, which limits the increase in taxable assessments on their primary residence.

Many counties and municipalities also offer additional resident tax credits. If a resident qualifies for the state homeowner’s credit, they may automatically qualify for the local homeowner’s credit if they meet the requirements.

Homeowners and renters can sign up for the Department of Assessments and Taxation’s email distribution list to receive timely notifications and general news updates.

Related Articles

Back to top button