TAX CREDITS FOR LAUREL HOME BUYERS – LOOKING TO PURCHASE A FORECLOSED HOMES IN LAUREL MD……if you are interested in purchasing a foreclosed homes in Laurel,MD. The City of Laurel recently passed legislation adopting a tax credit program for purchasers of foreclosed homes within the City of Laurel, Maryland.
Tax credits for Laurel home buyers are now in effect, the legislation offers a five-year descending City tax credit of up to $3500 for buyers purchasing their primary residence within Laurel City limits. Under the program, eligible buyers will receive credit for 100% of their City property taxes up to $3500 for two years following purchase. In subsequent years, three to five, the credit will decrease to 75%, 50%, and 25% respectively. If the property is deemed to be a “distressed property” the purchaser may be eligible for an extended credit.
As with similar programs, the tax credit for Laurel home buyers terminates when the initial purchaser ceases to occupy the home as their primary residence.