20

LAWS OF MARYLAND

[Ch. 1

EXPECTED TO BE ACTUALLY OCCUPIED BY THE HOMEOWNER OR
HOMEOWNERS FOR MOPE THAN SIX MONTHS OF SOME 12-MONTH
PERIOD, INCLUDING THE DATE OF APPLICATION FOR TAX CREDIT.
A HOMEOWNER, OTHERWISE ELIGIBLE, MAY QUALIFY FOR THE
CREDIT IF HE DOES NOT ACTUALLY RESIDE IN THE DWELLING THE
REQUIRED TIME PERIOD BECAUSE OF ILLNESS OR NEED OF
SPECIAL CARE. A HOMEOWNER OR HOMEOWNERS MAY CLAIM CREDIT
IN ONLY ONE DWELLING.

(5)          "TOTAL REAL PROPERTY TAXES" MEANS THE TOTAL OF
ALL REAL PROPERTY TAXES INCLUDING STATE, COUNT! OR
BALTIMORE CITY, MUNICIPAL AND SPECIAL DISTRICTS FOR WHICH
THE HOMEOWNER HAS A REAL PROPERTY TAX LIABILITY ON THE
DWELLING FOR THE TAXABLE YEAR. THE REAL PROPERTY TAX
LIABILITY SHALL BE PRIOR TO ANY DISCOUNTS FOR PAYMENT AND
SHALL BE CALCULATED ON THE ASSESSED VALUATION OF THE
DWELLING OR $30,000 OF ASSESSED VALUATION, WHICHEVER IS
LESS.

(6)          "COUNTY OF BALTIMORE CITY OFFICIAL" MEANS THE
OFFICIAL RESPONSIBLE FOR COLLECTION OF COUNTY OR
BALTIMORE CITY REAL PROPERTY TAXES.

(7)          "NET WORTH" MEANS THE SUM OF THE VALUES OF
ASSETS INCLUDING BUT NOT LIMITED TO CASH, SAVINGS
ACCOUNTS, STOCKS, BONDS, AND OTHER INVESTMENTS LESS
OUTSTANDING LIABILITIES PLUS THE EXCESS OF CURRENT MARKET
VALUE OF REAL PROPERTY OWNED OVER THE OUTSTANDING
INDEBTEDNESS ON EACH SUCH PROPERTY. THE CASH SURRENDER
VALUE OF LIFE INSURANCE POLICIES AND THE VALUE OF
PERSONAL PROPERTY ARE EXCLUDED.

(C)           A PROPERTY TAX CREDIT, NOT TO EXCEED $750,
SHALL BE ALLOWED UPON THE APPLICATION OF ANY HOMEOWNER
FROM TOTAL REAL PROPERTY TAXES UPON THE DWELLING FOR
WHICH APPLICATION FOR THE TAX CREDIT IS MADE. THE TAX
CREDIT SHALL BE EQUAL TO THE AMOUNT OF REAL PROPERTY
TAXES IS EXCESS OF A PERCENTAGE OF THE GROSS INCOME, OF
COMBINED INCOME, AS THE CASE MAY BE, OF THE HOMEOWNER.
THIS PERCENTAGE SHALL NOT EXCEED THREE PERCENT OF THE
FIRST $3,000 OF COMBINED INCOME, FOUR PERCENT OF THE NEXT
$5,000 OF COMBINED INCOME, FIVE PERCENT OF THE NEXT
$4,000 OF COMBINED INCOME, SEVEN PERCENT OF THE NEXT
$3,000 OF COMBINED INCOME AND NINE PERCENT OF ALL
COMBINED INCOME IN EXCESS OF $15,000. THE CREDIT SHALL
NOT BE ALLOWED TO ANY HOMEOWNER WHOSE NET WORTH IS IN
EXCESS OF $150,000 AS OF JANUARY 1 OF THE YEAR IN WHICH
THE CREDIT IS TO BE ALLOWED.

(D)          THE HOMEOWNER MAY APPLY FOR THE TAX CREDIT NO
LATER THAN SEPTEMBER 1 OF THE TAXABLE YEAR IN WHICH THE
TAX CREDIT IS SOUGHT ON A STANDARD FORM TO BE PROVIDED BY
THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION, EXCEPT
THAT FOR THE 1975-1976 TAXABLE YEAR ONLY, APPLICATION MAY