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Tax Summary
- Maryland has four different tax brackets ranging from 2% to 4.75% depending upon how much you earn.
- Baltimore and the 23 counties in Maryland levy local income taxes that are attached to the state ones. These range from 1.25% to 3.15%.
- Personal exemption for a single individual is $2,400. Exemption for a married couple is $4,800. Dependents earn an exemption of $2,400 each.
- Sales tax in Maryland is 5%.
- All real property is taxable and is assessed on a three-year cycle.
- Property tax rates vary significantly and are based on local government needs and can increase and decrease from year to year.
- There is a Homestead Property Tax Credit that limits the increase on residential properties used as primary residences.
- Maryland has a Tax Credit for home owners and renters for those who qualify based on income restrictions.
- There is a 10% inheritance tax on all property not passing to a direct descendant or lineal sibling of the decedant.
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