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Tax Year

BUSINESS
Jamie Smith Hopkins | September 10, 2012
The reminders are coming more frequently now, but plenty of homeowners don't seem to have gotten the message. More than 100,000 Maryland homeowners haven't yet applied for a property-tax break known as the homestead credit , which this year is reducing the average Baltimore recipient's bill by more than $1,000. Some owners have received the break for years, but they'll lose it next tax year if they don't turn in an application by Dec. 31. The General Assembly voted the requirement into law five years ago in an effort to root out homestead credits going to non-homesteads such as rentals.
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BUSINESS
February 6, 1997
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15.Q.I turned 65 late in 1996. Am I entitled to an over-65 exemption for the entire year?A. Taxpayers no longer receive an over-65 exemption on their federal return. Instead, taxpayers who do not itemize received an additional amount added to the standard deduction; taxpayers who do itemize receive no extra benefit. However, Maryland does grant an over-65 exemption on the state tax return to a taxpayer who has reached 65 by the end of the tax year.
BUSINESS
May 18, 2003
Maryland's Homeowners' Property Tax Credit program sets a limit on the amount of property taxes a homeowner must pay based on his or her income. The tax credits are available to all homeowners who meet the income and eligibility requirements, regardless of their age. Before eligibility according to income is considered, a homeowner must meet three basic requirements: The homeowner must own or have a legal interest in the property. The dwelling for which the tax credit is claimed must be the homeowner's principal residence for more than six months, including July 1 of the tax year (July 1 through June 30)
BUSINESS
February 19, 2006
Baltimoresun.com's tax advice column features three experts from the Hunt Valley accounting firm SC&H Group answering questions about preparing your return. Here is an edited excerpt of this week's column: When you sell a home, can the state [and] county tax stamps based on the sale price be deducted somewhere? - Paul, Hurricane, W.Va. The amounts charged by state and local governments on the transfer of real estate are often referred to as "tax stamps." You can reduce the gain on the sale of your home by these amounts but you cannot deduct them anywhere else on your return.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | April 3, 2012
Tens of thousands of Maryland homeowners who haven't already applied for the Homestead Property Tax Credit have until the end of the year to do so or lose the often-valuable break. The deadline was set so long ago — 2007 — that some residents might not remember if they applied. State assessors, hoping to cut down on anxious calls, launched an online feature Monday that notes whether a property's application is in and processed. "We get such tremendous volume of calls, and one of the unfortunate things is, when people do call … they sometimes get a busy signal," said Robert E. Young, director of the state Department of Assessments and Taxation.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun Staff Writer | July 9, 1995
A law lowering closing costs in Maryland took effect in part July 1, but homebuyers may have to wait months -- or even years -- for the intended benefits.The first overhaul of Maryland's property tax system in two decades, signed into law in May, is expected to save many homebuyers thousands of dollars at settlement time and bring costs in line with those of neighboring states. The real estate industry views the reduction in upfront costs as a first step toward energizing a stalled housing market and boosting economic development.
BUSINESS
By Todd Beamon and Todd Beamon,Baltimoresun.com Staff | April 21, 2004
Even though Tax Season 2004 is over, next April 15 will be here sooner than you might think. To help get a jump on next year, baltimoresun.com's tax experts -- Jim Dupree of the Maryland office of the Internal Revenue Service in Baltimore; Nicole M. Harrell, head of her own accounting firm in Baltimore; and Gregory S. Horning of Stout, Causey & Horning in Hunt Valley -- respond to one reader's e-mail, adding tips that could apply to most filers....
NEWS
September 4, 2011
In the latest battle between the states, officials in Virginia and Maryland are squaring off over whose budget-balancing prowess is greater. First, after Virginia Gov. Bob McDonnell announced his state ended the year with $544 million in cash, $234 million more than expected, the Republican Party there crowed that Maryland Gov. Martin O'Malley was, at the same time, predicting a $1 billion shortfall and floating the possibility of tax increases....
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