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ï»¿Maryland Taxes Deserve Some Creditfrom:
As one of the oldest states in the Union, Maryland also enjoys the honor of being one of the wealthiest. Maryland taxes are known to consist of four income tax brackets that start at 2% and go on up to 4.75%. As one of the last states to do so, Maryland also levies what is called a piggyback tax at local levels. These rates start at 1.25% and go on up to 3.2%. These revenues help support a state where commerce plays a large part of the economy. Among other things, Maryland taxes help keep their busy ports clean and functional to further promote the commerce that keeps the state running.
The sales tax is held at 5% and, interestingly, Maryland taxes property at no specified rate. Instead, the rates are adjusted to help provide the necessary revenues from one city or county to another. The adjustments are made annually and disclosed via public announcement where the new tax rates can be discussed. Taxes are assessed on both land and land improvements. The market value of a property is appraised and then taxed on its assessed value. Expanding businesses can receive credits on improvements for their properties. Those properties owned or used by churches or other non-profit organizations are exempt from Maryland taxes.
As it is with many states, Maryland taxes are constructed to give businesses a break. When businesses opt to establish themselves in Enterprise Zones, they not only improve the value of commercial properties they also receive tax credits that can last up to ten years altogether. Enterprise Zones are those that are considered economically distressed. This, combined with land tax credits, can take a very large burden off of developing companies. Businesses can also get a credit on their Maryland taxes by creating jobs or by specializing in such fields as biotechnology or research and development. Minority and women owned businesses also receive great incentives.
In comparison to other states, Maryland taxes can seem quite high; however, the state plays home to many who work in the nation's capitol. Though small, the state is notably diverse and highly progressive in a number of ways. Aside from the state taxes, most taxes are imposed at the city and county level. By adjusting their own tax rates, no county or city will be left in need by a one size fits all tax rate. This means that schools, parks and other programs funded by local tax revenues can stay well funded. Offering tax credits to companies helps to make it a center for a number of businesses.
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