Bill > HB1308

This bill alters the calculation and eligibility for the homeowners' property tax credit by increasing the maximum assessed value of a dwelling that can be considered for the credit from $300,000 to $480,000, and also raises the threshold for combined net worth from $200,000 to $320,000 and combined gross income from $60,000 to $95,000 for eligibility. Additionally, it adjusts the income brackets used to determine the percentage of combined income that is subtracted from the total real property tax to calculate the credit, with higher income levels now having a larger portion of their income considered in the calculation. The bill also modifies the income thresholds for the tiered percentage calculation, increasing the initial income amount excluded from the calculation from $8,000 to $12,500, and adjusting subsequent income tiers accordingly. These changes are intended to expand access to the property tax credit for more homeowners.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1308?ys=2026RS