MD HB1308

Increases the maximum assessed dwelling value used to calculate the homeowners' property tax credit from $300,000 to $480,000

Raises the net worth eligibility limit from $200,000 to $320,000 and the combined gross income limit from $60,000 to $95,000

Adjusts the credit calculation income brackets: 0% on first $12,500 (up from $8,000), 4% on next $6,500 (up from $4,000), 6.5% on next $6,500 (up from $4,000), and 9% on income over $25,500 (up from $16,000)

Requires the Department to identify owners of properties valued up to $480,000 (up from $300,000) who failed to claim the credit in the preceding 3 years

Takes effect June 1, 2026, applying to taxable years beginning after June 30, 2026