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Maryland 502r Instructions Form

Maryland 502r Instructions Form

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Instructions and help about maryland 502r instructions

thanks for watching everyone if you own real estate in Maryland and you like saving money you're going to want to pay attention to this video as we're talking about the Maryland homestead tax credit especially if you purchased a home in the last three years so what is the Maryland homestead tax credit well this is a program put into place to help manage large assessment increases on your property taxes of your personal residence here in Maryland this credit limits the increase in taxable assessments to 10 percent or less per year this accounts for All Counties and municipalities throughout Maryland so it's important to note that the homestead credit does not limit the market value of your home it simply applies to the text assessed value of your home so if you look up your home on the Real Property database and you see that the assessed value is X that's not really what we can sell the home for that's completely different the market value of your home is what somebody's willing to pay

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