The bill was aimed at decreasing closing costs on home purchases in Maryland. The bill however, benefits all homeowners.
Mortgaged homeowners prepay property tax into escrow accounts.
Under previous law, escrow accounts kept funds for a full year. The new law has escrow keep funds for 6 months. An overbalance occurs in the account and it is this amount being returned. Call your mortgage holder and ask if you have paid property taxes in advance into an escrow fund. If you paid 12 months in advance, as is customary, you are entitled to a rebate.