FOR IMMEDIATE RELEASE

Comptroller Franchot, State Legislators Urge Residents to Apply for MD Property Tax Credit

Deadline to Apply for Credit Extended to October 31st

Brentwood, MD (August 19, 2008) - With a weakening economy and foreclosure rates on the rise in Maryland, Comptroller Peter Franchot today joined Delegates Doyle Niemann, Victor Ramirez, Jolene Ivey and State Senator David Harrington at a senior center in Brentwood to urge residents to take advantage of the State Homeowners' Property Tax Credit, a program designed to provide tax relief to seniors and others on limited or fixed incomes.

"Every Maryland resident who works hard and plays by the rules deserves the basic opportunity to share a part of the American dream through owning a home," said Comptroller Franchot. "In today's economy, with families dealing with higher taxes, increasing utility rates and rising gas prices, this credit can go a long way for those on fixed or low incomes. I urge everyone who is eligible for this credit to apply before this fall's deadline."

Since 1975, the state of Maryland has provided millions of dollars in tax credit relief for seniors and others on limited or fixed incomes by capping the amount of property taxes they must pay based upon their income.

In order to be eligible for the credit, an individual must own or have a legal interest in the property; the property must be the principle residence; the applicant' net worth must be less than $200,000 with a combined gross household income of $60,000 or less. The traditional application deadline of September 1 was recently extended to October 31 by the State Department of Assessment and Taxation (SDAT), which administers the program.

"Now more than ever, people need to know about this tax credit and the real benefit it can provide. With an increasing number of our fellow Marylanders feeling the effects of this housing crisis and economic downturn, now is NOT the time for us as a state to turn a blind eye to those in need. I encourage anyone who is eligible to take advantage of this program today," said Delegate Doyle Niemann.

During the 2008 session of the General Assembly, Niemann introduced legislation which sought to increase the number of applicants by requiring SDAT to mail notices to potentially eligible taxpayers based on data provided by the Comptroller's office.

Last year, nearly 50,000 credits were issued statewide totaling more than $47 million in property tax relief. In Prince George's County alone, roughly 3,800 credits were received last year, with the average credit amount of more than $1,200. For more information about the credit or to download the application form, homeowners can go to www.marylandtaxes.com and click on the link on top of the home page.

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CONTACT: Warren Hansen, 410-260-7082 (office), 410-212-1475 (cell)