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MARVIN MANDEL, Governor 3129
CHAPTER 772
(House Bill 482)
AN ACT concerning
Property Tax Credits - Net Worth
FOR the purpose of defining "current market value" when
used in computing net worth for eligibility for
certain property tax credits.
BY repealing and reenacting, with amendments,
Article 81 - Revenue and Taxes
Section 12F-1(b)(7)
Annotated Code of Maryland
(1975 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 12F-1(b)(7) of Article 81 -
Revenue and Taxes, of the Annotated Code of Maryland
(1975 Replacement Volume and 1976 Supplement) be and it
is hereby repealed and reenacted, with amendments, to
read as follows;
Article 81 - Revenue and Taxes
12F-1.
(c) As used in this section, the following words
have the meanings specified;
(7) (I) "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.
(II) IN SUBPARAGRAPH (I), "CURRENT
MARKET VALUE" MEANS:
(A) IN THE CASE OF RESIDENTIAL
PROPERTY ONLY, THE FULL CASH VALUE (100 PERCENT) AS
DETERMINED BY THE DEPARTMENT OF ASSESSMENTS AND
TAXATION; AND
(B) IN THE CASE OF FARMLANDS OR
WOODLANDS ONLY, THE FULL CASH VALUE (100 PERCENT),
PURSUANT TO SECTION 19(B)(1), AS DETERMINED BY THE
DEPARTMENT OF ASSESSMENTS AND TAXATION.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
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