MD HB368

Prince George's County is required to grant a supplemental property tax credit to homeowners who receive the State homeowners' property tax credit under § 9-104

The credit equals total real property tax (calculated on the lesser of $300,000 or assessed value) minus a sliding percentage of combined income: 0% on first $8,000, 4% on next $4,000, 6.5% on next $4,000, and 9% on income over $16,000

Homeowners are ineligible if their net worth exceeds $200,000 as of December 31 of the preceding year, or if their combined gross income exceeds $75,000

The State Department of Assessments and Taxation administers the credit, with Prince George's County required to reimburse the Department for reasonable administrative costs

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