By Maryland Volunteer Lawyers Service
Amidst rising housing costs and utility bills, there are actions you can take as a homeowner to protect the affordability and stability of your home. Today, thousands of homeowners throughout Maryland are missing out on tax credits that can help reduce their property tax bills. These tax credits are incredibly important because they are designed to protect homeowners from falling behind on their taxes and losing their home to a tax sale.
Credit: Photo courtesy of MVLS
Additionally, low- to moderate-income homeowners may qualify for programs that offer grants or low-cost loans to assist with major home repairs. If you want to make sure you are not paying more property taxes than necessary, and that you are well-prepared to receive assistance with home repairs should the need arise, please consider the following:
Three actions to take today
Action 1: Check to see if your name is on the deed to your home. To qualify for tax credits and home repair assistance programs, it is often necessary for your name to be on the deed to your property. The deed is the document that states who owns a piece of property. It is common for someone who inherited their home from a family member to mistakenly believe their name is on the deed when it actually is not. Even if there was a will leaving you the home, a deed must be filed with the city/county to change the legal owner on record. Now is the time to check!
You may access a copy of your deed for free through the Maryland Land Records website at mdlandrec.net (after creating a free account). If your name is not on the deed and you need a deed change, or you need help locating your deed, you may call the Maryland Volunteer Lawyers Service Deed Hotline at 443-451-4066 for assistance.
Action 2: Check to see if you are receiving the Homestead Tax Credit. This tax credit is available for a homeowner’s primary residence and it limits the amount your property taxes may increase from year to year. You only need to apply for this credit once while living at the same address. You may apply online at onestop.md.gov or by submitting a paper application. Contact the Maryland Department of Assessment and Taxation at 410-767-2165 with questions.
Action 3: Apply annually for the Homeowners Tax Credit. This tax credit differs from the Homestead Tax Credit and it is available to households with incomes totaling less than $60,000. The tax credit caps your taxes based upon your income and you must apply every year. You may apply online at onestop.md.gov or by submitting a paper application.
Applications for 2025 are due by Oct. 1. However, if you have never applied before, you have until April 15 to submit an application for 2024 and potentially receive a reimbursement from last year’s bill. Contact the Maryland Department of Assessment and Taxation at 410-767-5900 with questions.
If you have completed these three actions and are wondering what else you can do to protect your home, now would be a good time to begin or revisit your estate planning. To see if you are eligible for free estate planning services through the Maryland Volunteer Lawyers Service, you may contact the Intake team Monday through Thursday from 9 a.m. until 12 p.m. at 410-547-6537.
The post Homeownership wellness check: What you need to know about your deed and tax credits appeared first on AFRO American Newspapers.
