BLAIR LEE III, Acting Governor                            1181

SHALL BE ALLOWED UPON THE APPLICATION OF ANY FULL CREDIT
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
IN EXCESS OF A PERCENTAGE OF THE GROSS INCOME, OR COMBINED
INCOME, AS THE CASE MAY BE, OF THE HOMEOWNER. THE
PERCENTAGE MAY NOT EXCEED 1 PERCENT OF THE FIRST $5,000 OF

COMBINED INCOME, 3 PERCENT OF THE NEXT $5,000, 5 PERCENT OF

THE NEXT $5,000, 7 PERCENT OF THE NEXT $5,000, AND 9 PERCENT
OF ALL COMBINED INCOME OVER $20,000 1.5 PERCENT OF THE FIRST

$4,000 OF COMBINED INCOME, 3.5 PERCENT OF THE NEXT $4,000,

5.5 PERCENT OF THE NEXT $4,000, 7.5 PERCENT OF THE NEXT

$9,000, AND 9.0 PERCENT OF ALL COMBINED INCOME OVER $16,000.

THE CREDIT SHALL NOT BE __ALLOWED TO ANY HOMEOWNER WHOSE

COMBINED NET WORTH IS IN EXCESS OF $150,000 $200,000 AS OF
DECEMBER 31 OF THE CALENDAR YEAR PRECEDING THE YEAR IN WHICH
THE APPLICATION IS MADE FOR THE TAX CREDIT.

(D)    A PROPERTY TAX CREDIT, NOT TO EXCEED $600 $450,
SHALL BE ALLOWED UPON THE APPLICATION OF ANY PARTIAL CREDIT
HOMEOWNER FROM TOTAL REAL PROPERTY TAXES UPON THE DWELLING
FOR WHICH APPLICATION FOR THE TAX CREDIT IS MADE. THE TAX
CREDIT SHALL BE CALCULATED PURSUANT TO THE PROVISIONS OF
SUBSECTION (C) OF THIS SECTION, EXCEPT THAT THE CREDIT
GRANTED IN THIS SECTION SHALL BE 60 50 PERCENT OF THE FULL
CREDIT AS CALCULATED IN (C).

(E)    WHEN A HOMEOWNER SELLS A DWELLING WHICH IS
SUBJECT TO A PROPERTY TAX CREDIT, THE CREDIT SHALL BE
TERMINATED AS OF THE DATE OF TRANSFER OF THE PROPERTY. THE
TOTAL AMOUNT OF THE CREDIT SHALL BE INCLUDED IN THE AMOUNT
OF ORDINARY TAXES WHICH WERE PAID BY THE HOMEOWNER AND WHICH
ARE ADJUSTED AT THE TIME OF SETTLEMENT BETWEEN THE HOMEOWNER
AND THE PURCHASER. THE HOMEOWNER SHALL BE CHARGED ONLY FOR
THAT PROPORTION OF THE CREDIT WHICH THE HOMEOWNER'S PERIOD
OF OWNERSHIP OF THE PROPERTY DURING THE TAXABLE YEAR IN
WHICH THE TRANSFER OCCURS BEARS TO THE ENTIRE TAXABLE YEAR.
THE REMAINING PORTION OF THE CREDIT SHALL BE PAID BY THE
PURCHASER TO THE COUNTY OR BALTIMORE CITY AND CREDITED TO
THE STATE, LESS ANY DEDUCTIONS FOR THE COSTS INCURRED BY ANY
COUNTY, BALTIMORE CITY OR MUNICIPALITY UNDER THE PROVISIONS
OF § 12F-2 OF THIS ARTICLE.

(F)    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
DEPARTMENT. IF THE APPLICATION HAS NOT BEEN MADE ON OR
BEFORE THE DATE SPECIFIED, THE TAX CREDIT MAY NOT BE
ALLOWED, EXCEPT THAT THE SUPERVISOR OF ASSESSMENTS MAY, UPON

GOOD CAUSE SHOWN, ACCEPT ANY APPLICATION SUBMITTED AFTER

SEPTEMBER 1 BUT NOT LATER THAN SEPTEMBER 30.___UPON MAKING__A

FINAL DETERMINATION WHETHER TO ACCEPT OR___REJECT A LATE

APPLICATION, THE SUPERVISOR OF ASSESSMENTS SHALL NOTIFY THE
HOMEOWNER, IN WRITING, OF THE DECISION.

(G)    THE APPLICATION FOR THE TAX CREDIT SHALL BE MADE
UNDER OATH OR AFFIRMATION THAT THE MATTERS AND FACTS STATED
IN THE APPLICATION ARE TRUE TO THE BEST OF THE APPLICANT'S

I