Md. Code Regs. 18.07.01.04

Current through Register Vol. 51, No. 24, December 2, 2024

Section 18.07.01.04 - Home Purchasers

A. The Department of Assessments and Taxation establishes the following procedures for Homeowners' Tax Credit applicants who are home purchasers under Tax-Property Article, §9-104, Annotated Code of Maryland.

B. Application Procedures Listed.

(1) The tax credit used to adjust a home purchaser's final tax liability at settlement will be in the form of a check made payable jointly to the home purchaser and the title company, attorney, or agent conducting the settlement.

(2) A home purchaser shall submit with the application a copy of the executed sale agreement and all other forms required on the application form to verify the income reported.

(3) A home purchaser shall provide information with the application regarding the name and address of the title company, attorney, or agent conducting the settlement and the specific date chosen for the settlement.

(4) If a home purchaser fails to provide the Department with the specific date chosen for the settlement, the Department shall use the latest possible settlement date under the contract of sale to calculate the credit. If any additional amount of credit is due, it will be paid to the home purchaser after the settlement occurs.

(5) If a home purchaser chooses to use the credit due at the time of settlement, the settlement shall be scheduled not sooner than 45 days after the Department receives the application to allow sufficient time for payment by the Comptroller.

(6) A home purchaser may receive at the time of settlement any credit due only on the current tax year's property tax liability. A home purchaser shall apply separately for a tax credit in any subsequent tax year when application forms and income tax returns applicable for that year are available.

(7) A home purchaser who fails to meet the conditions or requirements outlined will not receive any credit due at the time of settlement.

Md. Code Regs. 18.07.01.04

Regulation .04 adopted as an emergency provision effective June 1, 2000 (27:14 Md. R. 1339); adopted permanently effective December 11, 2000 (27:24 Md. R. 2199)