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Ch. 27 2006 LAWS OF MARYLAND
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an occupant of an independent living unit, which agreement provides that the
occupant may reside in the unit until termination under the terms of the contract.
(12) "Net worth" means the sum of the current market value of all assets,
less any outstanding liability.
(13) "SENIOR CITIZEN" MEANS A RESIDENT OF THE STATE OF MARYLAND
WHO IS OVER THE AGE OF 64.
(14) (13) [Total] EXCEPT AS PROVIDED IN SUBSECTION (C-2) OF THIS
SECTION, "TOTAL real property tax" means the product of the sum of all property tax
rates on real property, including special district tax rates, for the taxable year on a
dwelling, multiplied by the lesser of:
(i) $150,000 $300,000; or
(ii) the assessed value of the dwelling reduced by the amount of any
assessment on which a property tax credit is granted under § 9-105 of this subtitle.
(a-1)(1) The homeowners' tax credit under this section is a State funded
program.
(2) It is the intent of the General Assembly that:
(i) the State shall appropriate sufficient funds to reimburse the
full amount of tax credits granted under this section; and
(ii) the State, and not the local governments, shall bear the burden
of any insufficiency of funds to fully reimburse the counties for property tax credits
under this section.
(3) For any fiscal year, if State appropriations for reimbursement of tax
credits under this section do not provide sufficient funds to fully reimburse the
counties for tax credits granted under this section, the Governor shall include in the
budget bill for the next fiscal year a deficiency appropriation to provide the additional
funds to fully reimburse the counties.
(b) The Department shall adopt regulations to carry out this section.
(e) (1) Except as provided in subsection (e) of this section, the Department is
responsible for the administrative duties that relate to the application and
determination of eligibility for a property tax credit under this section.
(2) The Department may:
(i) make an agreement with a county collector for limited
assistance with a part of the administrative duties; and
(ii) reimburse the county for the reasonable cost of the assistance
provided.
(3) When an applicant for the property tax credit under this section
resides in an independent living unit at a continuing care facility for the aged, the
Department shall determine for the independent living unit:
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