2140

LAWS OF MARYLAND

Ch. 747

12F-7.

(a) For the taxable years 1977-1978, 1978-1979, [and]
1979-1980, 1980-1981, AND 1981-1982, each county, Baltimore
City and any incorporated municipality shall grant a
homeowners' tax credit in accordance with this section
against the county, Baltimore City or municipal property
taxes imposed by that jurisdiction on real property.

(d) (1) The following determinations shall be made for
the 1977—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;

(ii) The amount of the assessment as of
January 1, 1977;

(iii) The adjusted 1976 assessment which
is the product of the amount of the assessment as of January
1, 1976 multiplied by 115 percent.

(3)   The following determinations shall be made
for the 1979—1980 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, 1979;

(ii) The amount of the assessment as of
January 1, 1978;

(iii) The adjusted 1976 assessment which
is the product of the amount of the assessment as of January
1, 1976 multiplied by 132 percent.

(4)   THE FOLLOWING DETERMINATIONS SHALL BE MADE
FOR THE 1980-1981 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, 1980;