By the end of 2012, all Maryland homeowners must reapply for the Homestead Tax Credit, which helps offset large assessment increases for property tax purposes in a given year. The law requires the state government to limit increases in the taxable assessment of a property to a maximum of 10% per year for properties to which the Homestead Tax Credit applies, and certain counties and municipalities have a lower percentage for their portion of the property tax assessment. The tax credit works by providing a reduction in the actual taxes paid, rather than reducing the assessment value of the property. The result is that homeowners do not pay property tax on assessments that exceed the percentage thresholds in the current year for example Stock Locksmith.
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