Homestead Tax Credit
CHAPTER 30– INCOME BASED TAX CREDIT PROGRAMS
SEC. 30-1 - Income Based Homeowners’ Municipal Tax Credit
- The Town of Cheverly will issue a rebate if a resident has completed the Maryland State Department of Assessments & Taxation Homeowners’ Property Tax Credit Application, been granted that tax credit, and can present written proof of that granted tax credit.
- The Town of Cheverly will first apply the tax credit to any debts, fines, and/or tickets issued by the Town.
SEC. 30-2. - Eligibility Requirements.
The applicant must meet the following requirements to qualify:
- An applicant’s combined gross household income does not exceed $60,000.
- An applicant’s net worth must be less than $200,000, regardless of the amount a resident pays in tax for year 2023, excluding the value of the property for which the credit application is being made and the cash value of Individual Retirement Accounts or qualified retirement savings plans as of December 31, 2022.
- The applicant must own or have a legal interest in the property. Land installment sales, contract purchases, holders of life estate and beneficiaries of certain trusts have sufficient legal interest.
- The dwelling for which the application is being made, must be the applicant’s principal residence. Applicant resides or expects to reside for more than six (6) months of the tax year, including July 1, 2022, unless unable to do so for reasons of illness, need of special care or the property was recently purchased. An individual who permits, pursuant to a court order or separation agreement, a spouse, former spouse, or children of that person’s family, to reside in a dwelling in which the individual has a legal interest, has met the residency requirement. A homeowner may claim credit for only one principal residence.
SEC. 30-3.- Application.
- The applicant must be a current resident of the Town of Cheverly.
- Applicants shall provide to the Treasurer of the Town written proof that they were granted a tax credit from the Maryland State Department of Assessments & Taxation 2023 Homeowners’ Property Tax Credit.
- Initial applications shall be presented to the Town between February 1 and May 15.
- If the applicant meets all requirements, including written proof of approval of the Maryland 2023 Homeowners’ Property Tax Credit, the Treasurer will be directed to issue a reimbursement in the amount of fifty dollars ($50.00) to the taxpayer.
Click the link FAQ for frequently asked questions.
Other Tax Credits Available:
New! Elderly Property Tax Credit
CB-029-2022-Property-Tax-Credit-for-Elderly-Individuals (PDF) - This new credit, effective July 1, 2023, will provide up to a 20% credit of the County property taxes, inclusive of any Homeowners and Homestead Tax Credit, for up to 5 years. To be eligible, you must meet the following criteria: 1. Age 65 and over, AND 2. Own and reside at property for which credit is sought for at least the previous 10 years, AND 3. The assessed value does not exceed $500,000 at the time of application, AND 4. The application is made by October 1 of the fiscal year the credit is sought.
CB-029-2022-Property-Tax-Credit-for-Elderly-Individuals (PDF) - This new credit, effective July 1, 2023, will provide up to a 20% credit of the County property taxes, inclusive of any Homeowners and Homestead Tax Credit, for up to 5 years. To be eligible, you must meet the following criteria: 1. Age 65 and over, AND 2. Own and reside at property for which credit is sought for at least the previous 10 years, AND 3. The assessed value does not exceed $500,000 at the time of application, AND 4. The application is made by October 1 of the fiscal year the credit is sought.
Elderly Property Tax Credit Application (click on link for a fillable application to print)