706

LAWS OF MARYLAND

Ch. 238

(B)         (1)         FOR THE TAXABLE YEARS [[1977, 1978 AND

1979]] 1976-1977, 1977-1978, AND 1978-1979, EACH COUNTY,
BALTIMORE CITY, OR OTHER INCORPORATED MUNICIPALITY
LEVYING A TAX ON REAL PROPERTY SHALL GRANT A HOMEOWNERS
TAX CREDIT IN ACCORDANCE WITH THIS SUBSECTION AGAINST THE

PROPERTY TAXES IMPOSED BY THE COUNTY, CITY, OR

INCORPORATED MUNICIPALITY ON DWELLINGS. THE WORD

"DWELLING" HAS THE MEANING STATED IN SECTION 12F-1(4) OF

THIS ARTICLE, EXCEPT THAT IT APPLIES TO ALL HOMEOWNERS,
WHETHER OR NOT THEY ARE 60 YEARS OF AGE OR OLDER.

(2)         IN ADDITION TO ANY OTHER INFORMATION

REQUIRED, THE TAX BILL FOR THE TAXABLE YEAR 1976-1977 FOR
DWELLINGS SUBJECT TO THE PROVISIONS OF THIS SUBSECTION
SHALL STATE:

YEAR 1975-1976:

YEAR 1976-1977;

(I)         THE ASSESSMENT FOR THE TAXABLE

(II)       THE ASSESSMENT FOR THE TAXABLE

(III)    THE TOTAL AMOUNT OF TAX DUE, BASED
UPON THE ASSESSMENT FOR THE TAXABLE YEAR 1976-1977;

(IV)       THE AMOUNT OF CREDIT GRANTED BY
THIS SUBSECTION FOR THE TAXABLE YEAR 1976-1977; AND

(V) THE NET AMOUNT OF TAX DUE IN THE
TAXABLE YEAR 1976-1977 AFTER APPLYING THE AMOUNT OF THE

CREDIT.

THE TAX BILL FOR THE 1977-1978 TAXABLE YEAR

SHALL STATE THE AMOUNT OF THE CREDIT APPLICABLE IN THAT

TAXABLE YEAR, WHICH SHALL BE DEDUCTED FROM THE AMOUNT OF

TAXES DUE BASED ON THE ASSESSMENT ON THE DWELLING FOR

THAT TAXABLE YEAR.

(3) THE CREDIT PROVIDED FOR IN THIS SECTION
SHALL BE GRANTED WITH RESPECT TO A DWELLING ONLY IF ALL
OF THE FOLLOWING CONDITIONS ARE MET;

(I)         THE ASSESSMENT ON THE DWELLING FOR

THE TAXABLE YEAR 1976-1977 HAS BEEN INCREASED BY MORE
THAN 36 PERCENT OVER THE ASSESSMENT FOR THE TAXABLE YEAR
1975-1976;

(II)       THE PROPERTY HAS NOT BEEN
TRANSFERRED TO NEW OWNERSHIP DURING THE CALENDAR YEAR
1975;

(III) THE ZONING CLASSIFICATION OF THE

PROPERTY HAS NOT BEEN CHANGED DURING THE CALENDAR YEAR

1975; RESULTING IN AN INCREASED VALUE OF THE PROPERTY;

(IV)       A SUBSTANTIAL CHANGE HAS NOT

OCCURRED IN THE USE OF THE PROPERTY DURING THE CALENDAR

YEAR 1975;