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Basic Information about Maryland State Taxes
from:Maryland’s personal income tax system has four brackets, with rates ranging from 2 percent to 4.75 percent. Nonresidents are subject to a special tax rate of 1.25 percent in addition to the 4.75 percent rate, for an effective tax rate of 6 percent. Here’s more information on Maryland State taxes:
1) Personal Income Tax
Maryland State taxes the income of its residents using four tax brackets:
- 2% on the first $1,000 of taxable income
- 3% on taxable income between $1,001 and $2,000
- 4% on taxable income between $2,001 and $3,000 and
- 4.75% on taxable income of $3,001 and above
Residents of Maryland must file state tax forms by April 15, or the next business day if this date falls on a weekend or holiday. The Comptroller of Maryland is following the federal lead, thus giving taxpayers an extra filing day to complete state returns. The City of Baltimore and Maryland's 23 counties levy local "piggyback" income taxes at rates between 1.25 percent and 3.2 percent of Maryland taxable income. Local officials set the rates and the revenue is returned to the local governments quarterly. Local income taxes are withheld and collected on the same forms as state income taxes. Maryland offers 11 personal income credits to eligible filers.
2) Sales Tax
Maryland's state sales tax is 5 percent. Maryland also has a 5 percent use tax, applied to tax-free purchases made out of state and which must be reported and paid by filing the state's use tax return.
3) Personal and Real Property Taxes
All real properties in Maryland are subject to the property tax. Generally, properties that are owned and used by religious, charitable or educational organizations or properties owned by the federal, state or local governments are exempt.
For Maryland state taxes purposes, any annual assessment increase for a home that is greater than 10 percent is not taxed. Counties and municipalities may limit assessment increases for local tax purposes to less than 10 percent annually. Maryland also offers real property exemptions, credits for property owners and renters and exemptions for historic properties. To find your local property tax official, check the State Department of Assessments and Taxation web page.
4) Inheritance and Estate Taxes
A Maryland estate tax return is due for residents who died after Dec. 31, 2001, if the decedent's federal gross estate, plus adjusted taxable gifts, equaled or exceeded $1 million and the decedent was either a resident of Maryland at the time of death or owned real or tangible personal property in the state.
Other facts about Maryland State Taxes
With i-File Maryland, taxpayers can e-file personal income tax returns and other Maryland State taxes, along with the most commonly associated schedules and forms. Taxpayers in the Old Line State can go online to check the status of their tax refunds.
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