Maryland Real Estate - Chapter 29

what are taxes based on

what the property assesses for

what is the percentage of market value for tax assesment

100%

who determines statewide taxes, ad valorem, transfer and recordation taxes

those are done on a state level

what is a tiennial assessment

3 year cycle where 1/3 of all properties are revalued for tax purposes annually, county decides which third

how long do assessment values last for

3 years

how long can someone appeal their tax assesment

45 days

what is a phase in provision

the increase is spread out over the 3 years equally

when must hearings for appeals be done

in 120 days

how long do new homes have to appeal the assesment

60 days and 90 days for a hearingwh

when must refunds be sent

within 30 days

how are taxes paid

in 2 installments, first due 7/1 and paid by 9/30 second due 1/1 paid by 1/30

are quarterly payments for taxes available

yes as long as they are approved

what is the homestead tax credit program

protects against rapid inflation and if inflation goes over a certain percentage

what is property tax deferral

65 and older to defer tax bill increases, it must be approved, and the tax will be made as a lien that must be paid at transfer

who is eligible for tax credits besides elderly

new homes or unimproved lands

who is 100% tax exempt

VA with 100% disability

what reduction do blind people have

a $15k assesment reductions

when are state, transfer and recordation tax paid

at settlement

what is first time maryland homebuyers

an ability to not pay state transfer tax for new MD buyers

what is a corporate franchise tax

annual tax to do business in the state, it becomes a general lien on the property

what happens to taxes that arent paid by 9/30 or 1/31

they become deliquent, bear interest and could go to a real estate tax sale

how long of a redemption do tax deliquent homes sold have

6 months

if no one redeems a tax sale house, what can the highest bidder do

apply for the deed

what could stop a tax sale

if the property is deemed unlivable

what happens to ad valorem tax after 3 years

they are no longer able to be collected

what is a mechanics lien

protect right of contractors, suppliers, and other improving property

when can a mechanics lien be recorded

after 6 months from date of copletion

what is a release of lien

to release 7 days within receipt of payment to the courts