If you are looking for a reduction of your Montgomery County Property Tax Bill, you still have until October 1, 2022, to qualify for a tax reduction on your 2022 property tax. The application for this reduction is available at Homeowners’ Property Tax Credit Application Form HTC (2022)
The State of Maryland is providing a credit on the real property tax bill for homeowners of all ages who qualify on the basis of gross household income. A homeowner may claim credit for only one principal residence.
Your combined gross household income cannot exceed $60,000 and your net worth (excluding the value of the property for which the credit application is being made and the cash value of IRAs or qualified retirement savings plans) must not exceed $200,000, as of December 31, 2021.
A new application must be filed every year if the applicant wishes to be considered for a tax credit. There are certain exclusions for this credit. It does not include any fixed metropolitan charges which may appear on the tax bill for services such as sewer, water, or improvement repayments. And it does not include taxes for excess land acreage, other buildings or portions of buildings that are used for business purposes. Property owners with large tracts of land will have the credit limited to the amount of taxes on land necessary for the residential dwelling only and not the excess acreage. The credit is also limited to the portion of the dwelling that is used only for the applicant’s residential purposes. For instance, if you claim a home office it would be excluded. For further information consult Homeowners’ Property Tax Credit Program (maryland.gov).
Any application may be subjected to an audit at any time and the applicant may need to submit additional verification or other evidence of income in order to substantiate the application for the property tax credit. In 2022, the Maryland Department of Assessments & Taxation Homeowners’ Tax Credit Program will be accepting applications through October 1, 2022. It is suggested that you submit your application online to Homeowners’ Property Tax Credit Application Form HTC (2022) | Maryland OneStop (md.gov).
If your application is approved, you will receive an appropriate refund for your 2022 taxes. The 2023 tax credit application deadline to receive an adjusted July tax bill is April 1, 2023.