A grab bag of housing-related legislation passed in the Maryland General Assembly’s recently completed session. Here are the highlights:
Homestead credit penalties (HB 1081): Authorizes local governments to hit people with bigger penalties if they are found to be receiving a Homestead Property Tax Credit (or credits) they don’t qualify for and “willfully misrepresented facts” to get the break. The homestead credit caps big tax increases as a result of property appreciation, but it is only for primary residences.
No homesteads for banks (SB 123): Requires that banks — or whoever purchases a home at foreclosure auction