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1186
LAWS OF MARYLAND
Ch. 177
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:
Article 81 — Revenue and Taxes
12F-7.
(a) For the taxable years 1977-1978 [and], 1978-1979,
AND 1979—1980, each county, Baltimore City and any
incorporated municipality shall grant a homeowners' tax
credit in accordance with this [subsection] SECTION against
the county, Baltimore City or municipal property taxes
imposed by that "jurisdiction on real property.
[(d) Subject to the provisions of paragraph (b) of
this section, for the 1977-1978 taxable year the amount of
the tax credit shall be calculated on the amount by which
the assessment of the dwelling as of January 1, 1977 exceeds
the assessment of the dwelling as of January 1, 1976
multiplied by 115 percent and multiplied by the applicable
county, Baltimore City or municipal tax rate for that
taxable year.
(e) Subject to the provisions of paragraph (b) of
this section, for the 1978—1979 taxable year, the amount of
the tax credit shall be calculated on the amount by which
the assessment of the dwelling as of January 1, 1978 exceeds
the assessment of the dwelling as of January 1, 1977, or the
assessment of the dwelling as of January 1, 1976 multiplied
by 115 percent, whichever is less, multiplied by 115 percent
and multiplied by the applicable county, Baltimore City or
municipal tax rate for that taxable year.]
(D) (1) THE FOLLOWING DETERMINATIONS SHALL BE MADE
FOR THE 197 7-1978 TAXABLE YEAR TO CALCULATE THE AMOUNT OF
THE CREDIT PROVIDED IN SUBSECTION (E) OF THIS SECTION:
(I) THE AMOUNT OF THE ASSESSMENT OF THE
DWELLING AS OF JANUARY 1, 1977;
(II) THE AMOUNT OF THE ASSESSMENT AS OF
JANUARY 1, 1976; AND
(III) THE ADJUSTED 1976 ASSESSMENT WHICH IS
THE PRODUCT OF THE AMOUNT OF THE ASSESSMENT AS OF JANUARY 1,
1976 MULTIPLIED BY 115 PERCENT.
(2) THE FOLLOWING DETERMINATIONS SHALL BE MADE
FOR THE 1978-1979 TAXABLE YEAR TO CALCULATE THE AMOUNT OF
THE CREDIT PROVIDED IN SUBSECTION (E) OF THIS SECTION:
(I) THE AMOUNT OF THE ASSESSMENT OF THE
DWELLING AS OF JANUARY 1, 1978;
(IT) THE AMOUNT OF THE ASSESSMENT AS OF
JANUARY 1, 1977;
(III) THE ADJUSTED 1976 ASSESSMENT WHICH IS
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