I Missed The Homestead Tax Credit Deadline, Now What?
UPDATE 4/12/2013: It's not too late! The deadline has been extended to 12/31/2013! Check out the updated info here.
URGENT CALL TO ACTION!
YOU MAY STILL HAVE A CHANCE TO QUALIFY FOR THE TAX CREDIT ON YOUR JULY 2013 TAX STATEMENT!
and ask them the bring up and vote FOR House Bill 128 to extend the homestead tax credit application deadline.
As of right now, the application deadline has passed and if the bill mentioned above dies in committee or is voted down, over 100,000 homeowners will miss out on the homestead tax credit they should be entitled to for their primary residences.
What does that mean?
It means that there will be over 100,000 homeowners who will get a tax bill showing that they OWE property taxes at the full rate, this could mean hundreds if not thousands of dollars more than they should be required to pay under the law.
It means that, if paying your tax bill through your mortgage escrow account, the lender will have an escrow shortage after paying your July 2013 taxes. You, as the homeowner will be required to make up that shortage either in a lump sum, or with an increase in mortgage payment. The lender will assume that the next year's tax bill will be the full amount as well and the mortgage payment will stay artificially high, even if you apply and are granted the reinstatement of the tax credit for the 2014 tax year.
PLEASE GET THE WORD OUT! ALL MARYLAND HOMEOWNERS MUST APPLY FOR THE HOMESTEAD TAX CREDIT TO BE ELIGIBLE. YOU, YOUR FAMILY, YOUR FRIENDS, YOUR NEIGHBORS MAY BE AFFECTED.
CALL THE MARYLAND HOUSE WAYS AND MEANS COMMITTEE TODAY. THIS VOTE MUST PASS AND THE WORD MUST GET OUT.
HOW DO I KNOW IF I HAVE APPLIED?
Even if you have applied and been granted the homestead tax credit, please call the committee to ask them to bring this up for a vote and to vote YES to the deadline extension.
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest. Please contact me at 410-960-2061.