WILLIAM DONALD SCHAEFER, Governor Ch. 12

by the applicable county STATE, COUNTY, or municipal corporation property tax rate
for the current year.

(3) For the taxable year [1990 1991] 1991 1992 and each year thereafter,
subsections (f) through (k) of this section apply, and the property tax credit under this
section is calculated by:

(t) multiplying tho prior year's taxable assessment by [115%] THE
TAX CREDIT INDEX AS DETERMINED UNDER SUBSECTION (F 1) OF THIS
SECTION;

(«) subtracting that amount from the current year's assessment;

(H*) if the difference is Q positive number, multiplying the difference
by the applicable county or municipal corporation property tax rate for the current year;

andu. j i u

(iv) multiplying—that—amount—by—the—income—factor—specified—H*
subsection (f) of this section.

(2) FOR EACH TAXABLE YEAR, THE HOMESTEAD CREDIT
PERCENTAGE UNDER PARAGRAPH (!)(!) OF THIS SUBSECTION IS:

(I) FOR THE STATE PROPERTY TAX, 110%;

(II) FOR THE COUNTY PROPERTY TAX, THE HOMESTEAD
CREDIT PERCENTAGE ESTABLISHED BY THE COUNTY UNDER
PARAGRAPH (3) OF THIS SUBSECTION; AND

(III) FOR THE MUNICIPAL CORPORATION PROPERTY TAX:

L THE HOMESTEAD CREDIT PERCENTAGE

ESTABLISHED BY THE MUNICIPAL CORPORATION UNDER PARAGRAPH
(4) OF THIS SUBSECTION; OR

2, IF THE MUNICIPAL CORPORATION HAS NOT SET A

PERCENTAGE UNDER PARAGRAPH (4) OF THIS SUBSECTION, THE
HOMESTEAD CREDIT PERCENTAGE SET BY THE COUNTY IN WHICH THE
PROPERTY IS LOCATED.

(3) SUBJECT TO PARAGRAPH (5) OF THIS SUBSECTION, THE
MAYOR AND CITY COUNCIL OF BALTIMORE CITY AND THE GOVERNING
BODY OF A COUNTY:

(I) ON OR BEFORE JANUARY 1, 1991, SHALL SET, BY LAW,
A HOMESTEAD CREDIT PERCENTAGE FOR THE TAXABLE YEAR
BEGINNING JULY 1, 1991 AND ANY SUBSEQUENT TAXABLE YEAR; AND

(II) ON OR BEFORE JANUARY 1 OF 1992. AND OF ANY YEAR
THEREAFTER, MAY ALTER, BY LAW, THE HOMESTEAD CREDIT
PERCENTAGE FOR THE TAXABLE YEAR BEGINNING THE FOLLOWING
JULY 1 AND ANY SUBSEQUENT TAXABLE YEAR.

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