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2409
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MARVIN MANDEL, Governor
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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;]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]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;
(v) Extensive improvements have not been
made to the improvements on the existing property during
the calendar year 1975; and
(vi) The assessment for the taxable year
1975—1976 was not clearly erroneous due to an error in
calculation or measurement of the improvements on the
property.
(4) Subject to the provisions of paragraph (3)
of this subsection, the amount of the credit in each of
the taxable years 1976-1977 and 1977-1978 shall be
calculated as follows:
(i) For the taxable year 1976-1977, the
amount of the credit shall be calculated by subtracting
from the assessment applicable to the taxable year
1976—1977 an amount equal to 136 percent of the
assessment for the taxable year 1975-1976 and an amount
equal to 33 1/3 percent of the increase in excess of 136
percent and multiplying the difference by the total
amount of the applicable county, city, or incorporated
municipality tax rates imposed for that taxable year;
(ii) for the taxable year 1977-1978, the
amount of the credit shall be calculated as provided in
subparagraph (i) of this paragraph, except that 66 2/3
percent of the increase in excess of 136 percent shall be
added to 136 percent and the difference shall be
multiplied by the total amount of the applicable county,
city, or incorporated municipality tax rates imposed for
that taxable year.
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