MD HB1214

Extends Maryland's homestead property tax credit to first-time homebuyers beginning with their first taxable year of homeownership, overriding the usual rule that excludes properties transferred to new ownership

Defines "first-time homebuyer" as a Maryland resident who has never held a legal interest in a dwelling in any state, either individually or jointly

Calculates the taxable assessment for first-time homebuyers using the previous owner's assessment from the prior taxable year, adjusted for phased-in revaluation increases

Requires the State Department of Assessments, counties, and municipal corporations to grant the credit to qualifying first-time homebuyers

Takes effect June 1, 2025, and applies to all taxable years beginning after June 30, 2025