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New Assessment Notices Reflect Change in Market Since 2004

The Maryland State Department of Assessments and Taxation has mailed in December 2007 property owners across the State the change in real estate values since these properties were last valued in 2004.

Homeowners who use their property as their principal residence will receive an assessment notice containing the Homestead Tax Credit Application for the first time this year. To insure that the credit is granted the application must be filled out and sent to the State Department of Assessments and Taxation.

The Homestead Tax Credit is a State Law in which taxable assessment increases for owner occupied properties cannot increase by more than 10 percent per year.

In Maryland properties are reassessed, by law, once every three years. Properties are required to be assessed at current market value so that each property owner pays only their fare share of local property taxes. The last assessment for property values was in 2005. The latest assessments are based upon an examination of 139,300 sales which have occurred in the reassessment area over the past three years. The increase has been placed on sales which took place in 2006 and the first half of 2007. The increases will be phased in over the next three years.

For additional information on the Homestead Tax Credit visit the Maryland State Department of Assessments and Taxation website also you will find the application to fill out @ www.dat.state.md.us or call 410-761-4881.

Maryland Income Tax Alert

Effective January 1, 2008 the tax increase for Nonresident Individuals or a Nonresident Entity has increased. The tax increase for Nonresident Individuals was increase to 7.5 percent. For Nonresident Entities the tax increased to 8.25 percent.

For additional information contact the Comptroller's Web Site: www.marylandtaxes.com

The change was enacted by the 2007 Special Session, the Maryland General Assembly which passed the tax reform Act of 2007which resulted in changes in the income tax law that provides for withholding requirements on the sale or transfer of real property by a nonresident individual or nonresident entity.

Source: Comptroller of the Maryland

Freestate Title Services of Annapolis, Inc.
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F. 410.266.3735
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