BALTIMORE (WJZ) — Here’s a story that could save you money: Maryland homeowners must apply for a homestead tax credit by December 31 or you may lose the credit you’re already getting. It’s the result of a change in the law. Political reporter Pat Warren explains a lot of people may be unaware of what’s at stake.

Nick Shanholtz is a retired homeowner who came close to missing the boat. His home is his security and the upkeep his biggest expense. Paying more on a fixed income is a great concern, which is about to happen to many who are uninformed.

“The group that’s most of interest is the ones that are just unaware and have not filed an application,” said Michael Griffin, Assessments and Taxation.

State Senator Nancy Jacobs held a news conference this week with the state and a real estate advocate to let everybody know they have to file an application to continue receiving homestead tax credits.

“It’s very important that people apply for it because if they lose it, it could cost them a lot of money,” said Bob Long.

You need to mail a completed application to the Department of Assessments and Taxations Homestead Tax Credit Division (301 West Preston Street, 8th floor, Baltimore, MD 21201). You can contact the Homestead Division by telephone (410-767-2165).

“We gotta get the word out that by December 31, people need to apply for this or they lose the opportunity to do this for another whole year,” Jacobs said.

In case you’re hoping for an extension of the deadline, that’s not going to happen. December 31 is written into the law and it can’t be changed.

The General Assembly required this new application process to prevent residents from getting credit for more than one property.