Property Tax Credits: Are you eligible?
There are several resources that Takoma Park residents may find beneficial when filing their taxes: The Maryland Homestead Tax Credit, Homeowners’ Property Tax Credit, and Renters’ Tax Credit. Print Property Tax Credit Handout Sheet
Long-Term Senior Residents and Veterans:
If you are over 65, and either owned your home for at least 40 years or are a veteran, you may qualify for this County program for credits on county taxes only.
- Deadline: Apply this year by June 1.
- Visit: Credits on County Taxes
Homestead Tax Credit:
This state program caps increases in annual tax assessments at 10%, for those who have lived in their own home for more than one year. Applies to city taxes as well.
- File by May 1.
- Visit: Homestead Tax Credit
Homeowners Tax Credit:
For those with lower household income compared to their property tax bill. You must apply each year by Sept 1; if you apply by May 1, the credit is subtracted before you receive your bill. Sliding scale, household income up to $60k, see tables. Applies to city taxes as
- You must apply each year by Sept 1.
- Visit: Homeowners Tax Credit
Renter’s Tax Credit:
State programs for renters with lower household income compared to the share of their rent that’s assumed to go toward property taxes. You must apply each year, by Sept. 1. Sliding scale, see tables. Up to $1,000 rebate. Applies to city taxes as well.
- You must apply each year, by Sept. 1
- Visit: Renter’s Tax Credit
County Property Tax Deferral:
For homeowners at least 65 years old, in your own home for 5 consecutive years, with 2019 household income up to $80,000. Defers the annual increase only, as a lien on the property. Deferral is until the property is sold or you no longer live there.
Apply each year by Sept. 1.
Visit: Tax Deferral