Happy One-Year Anniversary!
Now that you’ve lived in your house for a year, you should qualify for Maryland’s Homestead Tax Credit. This credit limits any annual tax increase to no more than 10% a year for a principle residence. As values rise, so will your taxable assessment. So lock in your base value now before you overpay on your future tax bills. To register, you must:
1) Live in the Property for a Year as Principle Residents
2) Receive Your Application by Mail or Call 410-767-2165 to Get the Access Number
3) Apply at https://sdathtc.dat.maryland.gov/
You have auto insurance in case of an accident.
You have medical insurance for when you’re sick.
You probably even have insurance on your cellphone because what would you ever do without it?
But you’d be surprised how many people ask us, “Do I really need an owner’s title insurance policy?”
Yes. Yes, you do. Continue reading “Basic or Enhanced Title Insurance: How to Choose the Right Level of Coverage for You” →
Most of us think of a “Tenant” as a person who rents from a landlord and has permission to use the property. So let’s think of “Tenancy” as owning and using the property.
If it’s just you, then tenancy can be listed as simply as Sole Ownership. If it’s more than one person, a title company will ask how you want to take title? You will be given the options of Tenants In Common, Joint Tenants, or Tenants by The Entireties. Continue reading “How Tenancy Status is Like Your Relationship Status” →