Don’t Forget To Claim Your Income Tax Offset Credit (ITOC)

If you haven’t done so yet and you qualify, make sure you don’t forget to claim your Income Tax Offset Credit (ITOC). Montgomery County’s Income Tax Offset Credit (ITOC) program allows Montgomery County residents who live in the property they own a $692 credit. Click here for further instructions on how to claim your tax credit on the Montgomery County website. The deadline is only a few weeks away, on May 1, 2023, so make sure you apply now to ensure you receive your credit!

The State law changed. “To receive the ITOC, residential property owners must now have a Homestead Tax Credit (HTC) on file with the Maryland State Department of Assessments and Taxation (SDAT) before May 1, 2023. If a property owner received the credit and does not apply before this deadline, they will be billed $692 and will not receive the tax credit until the State processes their application. Once the application is on file, it will automatically apply to future years.

If you have any questions on your tax situation let us know and we are happy to help! Email us at info@shermanwealth.com or if you have questions on applying for the tax credit, email sdat.homestead@maryland.gov or call 410-767-2165 (toll-free 1-866-650-8783).