1180

LAWS OF MARYLAND

Ch. 176

1 OF THE TAXABLE YEAR IN WHICH THE CREDIT IS TO BE ALLOWED,
ACTUALLY RESIDES IN A DWELLING IN WHICH THE PERSON HAS A
LEGAL INTEREST. LEGAL INTEREST INCLUDES ANY LIFE ESTATE,
WHETHER AS SOLE OWNER, JOINT TENANT, TENANT IN COMMON,
TENANT BY THE ENTIRETIES OR THROUGH MEMBERSHIP IN A
COOPERATIVE.

(9)    "PARTIAL CREDIT HOMEOWNER" MEANS A
HOMEOWNER THAT DOES NOT MEET THE QUALIFICATIONS SET FORTH IN
SUBSECTION (A)(6) OF THIS SECTION.

(10)   "TOTAL REAL PROPERTY TAXES" MEANS THE TOTAL
OF ALL REAL PROPERTY TAXES, INCLUDING STATE, COUNTY 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 CALCULATED ON THE ASSESSED VALUATION OF
THE DWELLING OR $40,000, WHICHEVER IS LESS. ALL DISCOUNTS
FOR EARLY PAYMENT AND ALL INTEREST OR PENALTIES FOR FAILURE
TO PAY TAXES ON OR BEFORE OCTOBER 1 SHALL BE CALCULATED ON
THE REAL PROPERTY TAX LIABILITY OF THE HOMEOWNER PRIOR TO
ANY REDUCTION IN TAX LIABILITY DUE TO ELIGIBILITY FOR A
CREDIT UNDER THE TERMS OF THIS SECTION. THE AMOUNT OF TAX
CREDIT RECEIVED UNDER THE PROVISIONS OF § 12F-6 12F-7 OF
THIS ARTICLE SHALL BE DEDUCTED FROM THE TOTAL OF REAL
PROPERTY TAXES BEFORE DETERMINING THE AMOUNT OF "TOTAL REAL
PROPERTY TAXES" FOR CREDIT PURSUANT TO THIS SECTION.

(11) (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 IN ADDITION TO THE EXCESS OF CURRENT

MARKET VALUE OF REAL PROPERTY, OTHER THAW THE DWELLING FOR

WHICH APPLICATION FOR THE TAX CREDIT IS MADE 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) OF THIS ARTICLE, AS DETERMINED__BY__THE

DEPARTMENT OF ASSESSMENTS AND TAXATION.

(B)    FOR TAXABLE YEAR 1978-1979 AND EACH YEAR
THEREAFTER, THERE IS A PROGRAM OF PROPERTY TAX CREDITS FROM
REAL PROPERTY TAXATION IMPOSED BY THE STATE, COUNTIES,
BALTIMORE CITY, MUNICIPAL CORPORATIONS AND SPECIAL TAXING
DISTRICTS FOR CERTAIN HOMEOWNERS BY REASON OF INCOME.

(C)    A PROPERTY TAX CREDIT, NOT TO EXCEED $1,000 $900,