Eli's Going to Disney Land, Baby!!

A lot going on in my business, so stay tuned for some "full disclosure" in future posts. For now, here's my latest e-mail to my database!
Thanks, Greg

Probably the most important information in this e-mail is in regards to new developments in the Maryland Homestead Tax Credit so, if you are short on time, skip the small point and go straight to that… Otherwise, I must start this e-mail by saying…

ELI’S GOING TO DISNEY LAND, BABY!!

So I guess I am sending this a little late to gloat about how close I was in predicting the victory of the Giants over the (ahem) previously-unbeaten Pats. :) My 20-17 prediction was good enough for me to win my own Starbuck’s gift cards but, since that is just silly, I’ll be sending a couple off to the second-place finisher, Andrea Smith, who amazingly predicted that the Giants would win 13-10. So, congrats, Andrea! Now, I’m going to go order my David Tyree jersey… :)

NEW E-MAIL!!

As I have said in previous e-mails, please change my e-mail address in your rolodex, Outlook Contacts, Palm pilot, cell phone, address book, or whatever primal-to-high tech form of filing that you use to this: gregory.weyer@realestateace.net. I do not use the Long and Foster account any longer…

HOME INTERIORS

If you are a Home Interiors fiend, I have a good link for you: Jamie Backstrom is a client of mine and she just went high-tech and set up her own website filled with the stuff from the Home Interiors catalogues. The link is http://www.homeinteriors.com/JBACKSTROM; if you have any further questions about purchasing some Home Interiors merchandise, feel free to contact Jamie at 443-867-0836.

MARYLAND HOMESTEAD TAX CREDIT

Until now, the Homestead Tax Credit was something that was automatically applied to homeowners in Maryland. However, because too many property owners were wrongfully getting the credit on more than just their primary residence, homeowners must now apply for the credit every year. I compiled some information below to help you make sure that you are not missing out on big savings on your property taxes, so be sure to read it over; if you have any specific questions and/or would like me to e-mail you a .pdf version of the Homestead Tax Credit application, just let me know.

Well, that’s it! Thanks, Greg; please let me know if you know anyone that is planning to buy or sell a home in 2008 that could use the services of a caring and competent professional on their side!

Peace,

Greg

HOMESTEAD TAX CREDIT INFO:

Property owners who use the property as their principal residence will receive an assessment notice containing a Homestead Tax Credit Application for the first time this year beginning January 1, 2008. This one-time application must be submitted in order to insure that the credit is granted only on eligible properties and not on properties that are rented or used as vacation homes. The applications can be filed on-line at https://sdathtc.resiusa.org/homestead/ or by mailing the paper form in the postage paid envelope included in the assessment notice. Homeowners not reassessed until 2009 or 2010 can wait until then to submit a Homestead Tax Credit application.

TWO COMMONLY ASKED QUESTIONS ON THE HOMESTEAD TAX CREDIT APPLICATION

1. What is this new law that requires homeowners to apply for the Homestead Tax Credit? Why is it needed?

Legislation enacted by the 2007 session of the General Assembly will require homeowners to submit a one-time application in order to continue their eligibility for the homestead tax credit. The homestead credit limits the amount of assessment increase on which a homeowner will pay property taxes in that tax year on the one property actually used as the owner’s principal residence. The reason why the application process was needed is because some property owners were improperly receiving the credit on vacation homes and rental properties. County and municipal governments were losing tax revenues needed to provide important services to their residents. The only way to verify residency of the homeowner is to require an application and have the filer provide his or her Social Security number.

2. Why should I want to submit the homestead application?

Because of assessment increases and because of the low assessment caps adopted by the county governments, most homeowners in the State have been receiving substantial homestead credits each year on their property tax bills. Anne Arundel County has been limiting taxable assessment increases to 2%. The homestead caps in Baltimore City and Baltimore County have been limiting the taxable assessment increases to 4%. Prince George’s County government has been limiting assessment increases to 4%. If a homeowner is later made ineligible for the credit for failure to submit an application, he or she may receive a substantial increase in the property tax bill without the credit.