Bill Information: SB 123 would require banks to provide SDAT with a court order ratifying the sale of real property within 30 days of the sale, effectively removing all tax credits applied to a former owner-occupied home.
Why This Is Important: Municipalities can ill afford to allow banks to receive homestead tax credits and other tax credits given to homeowners, especially given the role of banks in the foreclosure crisis. This could mean the loss of millions of dollars in the hardest-hit areas, such as Baltimore City and Prince George’s County. This is especially important, since banks have thus far sat on properties, putting little to no effort in selling these vacant homes — presumably because they’re waiting for the market to hit an upturn. In the years it will take for property values to increase, the banks will receive tax credits they shouldn’t receive.
What You Should Do: Contact your Maryland legislators and ask them to support this important bill.