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Maryland Property Law Attorney: Purpose of the Maryland Homestead Credit

www.reichertlegal.comThe Homestead Credit limits the yearly increase in taxable assessments for qualifying Maryland real property. Once the Maryland Homestead Credit is applied the county and municipality must limit taxable assessment increases to 10% or less each year.

The Homestead Credit has no impact on the market value of the property, it is simply a cap placed on how much the assessed value of the property can increase each year.

For example, if your assessment was $200,000 and your phased-in assessment for the 1st year is $240,000. An increase of 10% would result in an assessment capped at $220,000.

To discuss this and other property laws in Maryland, or to ensure your deed is drafted and filed correctly under Maryland and county laws, call or e-mail for a free confidential consultation: Maryland attorney Stephen J. Reichert at 410-299-4959, or by clicking here.

Day, evening and weekend appointments are available in office or at your residence; serving client throughout Maryland.