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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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Is it true if you rent a property for less than market value

Customer Question

Is it true if you rent a property for less than market value you are taxed for the difference in the state of Maryland.
Submitted: 1 month ago.
Category: Tax
Expert:  emc011075 replied 1 month ago.

Hi. My name is ***** ***** I will be happy to help you.

It is not the income tax, it is the property tax. Rental income is often used to determine value of your property for tax assessment. If you rent it for less than fair market value, the assessor will increase your rental income to the fair market value to determine value of your house and what will be your property tax.