Unit 28

Front 1

executory contract

Back 1

A contract under which something remains to be done by one or more of the parties.

Front 2

first-time homebuyer

Back 2

Buyers who have never owned a principal residence in the state of Maryland are forgiven their portion of the transfer taxes on the purchase of a principal residence.

Front 3

homeowners' Property Tax Credit Program

Back 3

This program, structured by the Maryland General Assembly, allows homeowners to seek property tax relief based on their ability to pay.

Front 4

mechanic's lien

Back 4

A statutory lien created in favor of con­tractors, laborers, and materialmen who have performed work or furnished materials in the erection or repair of a building.

Front 5

phase-in provision

Back 5

The provision in Maryland law that allows for an increase in property taxes - due to the triennial assessment - to be phased-in over the three-year assessment period. One third of the increase takes effect in each year.

Front 6

senior tenant

Back 6

The senior tenant program allows those over 60 years of age to seek up to $600 in state funds to offset property taxes.

Front 7

statutory period of redemption

Back 7

Allows a delinquent property taxpayer to redeem his or her property for a period of six months after the tax sale has occurred.

Front 8

triennial assessment

Back 8

The property tax assessment procedure used in Maryland, in which one third of all properties are re-assessed each year.