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Is it true if you rent a property for less than market value…

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Is it true if you...
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: 8 months ago.Category: Tax
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Answered in 20 minutes by:
9/11/2017
Tax Professional: emc011075, Tax adviser replied 8 months ago
emc011075
emc011075, Tax adviser
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Satisfied Customers: 3,685
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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.

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