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Massachusetts State Taxes Article
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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.
Massachusetts State Taxes News
State eyes sales tax revisions to net out-of-state revenue (Georgetown Record)
Gov. Deval Patrick said he supports an Internet sales tax, calling it a "different way of collecting" an existing levy. "Sales taxes are supposed to be collected no matter what the vehicle for the sales is," he said.
Read more...UMass president to chat on-line today at 1 p.m. (Boston Globe)
By Globe Staff Jack Wilson, president of the University of Massachusetts system, will take questions today on the rising cost of college and increased interest in the state's public colleges at 1 p.m. during a live, on-line chat on...
Read more...Gambling revenue won't lower property taxes (Concord Monitor)
The debate over whether to allow predatory gambling casinos into New Hampshire is not about the thousands of lives it would ruin. It is entirely about the notion that there will be enough magic gambling money to balance the state budget and reduce property taxes. But the $250 million-plus revenue estimate cited by Rep.
Read more...‘The Governor is going to ask for a reduction in state aid’ (The Marion Sentinel)
Fearing mid-year budget reductions due to Massachusetts’ projected one billion dollar revenue shortfall, selectmen will descend upon Beacon Hill later this month to hear Governor Deval Patrick speak about the deepening economic crisis and the cuts to local aid that are now all but certain.
Read more...Briefs (Columbia Star)
Trade S.C. exports pump almost $14 billion into the state economy annually, supporting employment and generating billions in state and local taxes. Only the state of Washington has a higher percentage of export jobs supported by manufacturing. The state's big- dollar exports include vehicles, rubber products, and electrical machinery.
Read more...GOP's House leader faces daunting task (The Sun Chronicle)
BOSTON - When the Democratic majority in the Massachusetts House proposed a $28.2 billion budget for fiscal year 2009, Rep. Brad Jones led the Republican opposition's chorus of too much spending, too many taxes.
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