Maryland HB1273 establishes a homestead credit portability adjustment for homeowners.

Maryland HB1273 introduces a homestead credit portability adjustment for homeowners who move to a new dwelling. This adjustment allows eligible homeowners to apply for a credit based on the taxable assessment of their previous dwelling. The credit is calculated by subtracting the taxable assessment of the previous dwelling from the new dwelling's assessment. The adjustment applies each taxable year the homeowner receives the credit for their new dwelling and cannot exceed $500,000.

Maryland HB1273 establishes a homestead credit portability adjustment for homeowners.

Maryland HB1273 introduces a homestead credit portability adjustment for homeowners who move to a new dwelling. This adjustment allows eligible homeowners to apply for a credit based on the taxable assessment of their previous dwelling. The credit is calculated by subtracting the taxable assessment of the previous dwelling from the new dwelling's assessment. The adjustment applies each taxable year the homeowner receives the credit for their new dwelling and cannot exceed $500,000.