HARRY HUGHES, Governor                                 827

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-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)] (9) (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 than 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] 1979-1980 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 $900, 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 1.5 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 $4,000, 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 $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 $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