12                                        LAWS OF MARYLAND                             [Ch. 1

credit from the county's real property taxes on the
dwelling for which the application for the tax credit is
made. This tax credit shall equal 50% of the assessed
value of the dwelling or $4,000, whichever is the lesser
amount, multiplied by the applicable county tax rate.
Application for a tax credit shall be as provided in §
49C of this article.

(d)    There shall be allowed upon the application of
any owner of a membership in a cooperative in Montgomery
County who shall have attained the age of 65 years by
July 1, which is the first day of the taxable year for
which the credit is sought, or there may be allowed upon
the application of any owner of a membership in a
cooperative who has not attained the age of 65 years and
who received benefits as a result of a finding of
permanent and total disability under the Social Security
Act, and who has occupied a unit of the cooperative as
his principal place of residence during the taxable year,
and whose combined gross income, as the case may be,
shall not be in excess of five thousand dollars ($5,000)
for the calendar year immediately preceding the fiscal
year of application, a single tax credit from subdivision
real property taxes to be applied on behalf of such
member to the cooperative's real property assessment.
Such tax credit shall be equal fifty per centum (50%) of
the assessed value of the unit of the cooperative or to
four thousand dollars ($4,000) whichever is the lesser
amount multiplied by the applicable subdivision tax rate.
For purposes of this section, the percentage of the real
property tax assessed by a cooperative against any member
shall not exceed the ratio of the amount the member paid
for his membership to the total cost of all memberships
at the time of the assessment. Application for tax
credit shall be as provided in § 49C of this article.

(e)    There shall be allowed upon the application of
any homeowner in Anne Arundel County (1) who has attained
the age of sixty—five years by the July 1 which is the
first day of the taxable year for which the credit is
sought or (2) who has not attained the age of sixty-five
years and who receives benefits as a result of a finding
of permanent and total disability under the Social
Security Act or under the Railroad Retirement Act, and
whose gross income, or whose combined gross income, as
the case may be, is not in excess of $8,000 for the
calendar year immediately preceding the fiscal year of
application, a single tax credit from subdivision real
property taxes upon the dwelling for which application
for tax credit is made, which tax credit shall equal 50%
of the assessed value of the dwelling or four thousand
dollars ($4,000.00), whichever is the lesser amount,
multiplied by the applicable subdivision tax rate.
Application for a tax credit shall be as provided in §