3496

LAWS OF MARYLAND

Ch. 597

SECTION 2 1. AND BE IT FURTHER ENACTED BE IT ENACTED
BY THE GENERAL ASSEMBLY OF MARYLAND, That section(s) of the
Annotated Code of Maryland read(s) as follows:

Article 81 - Revenue and Taxes

12F-7.

(a) For the taxable years 1977-1978[, 1978-1979,
1979-1980, 1980-1981, 1981-1982, and 1982-1983] THROUGH
1983-1984, 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)(7) THE FOLLOWING DETERMINATIONS SHALL BE MADE FOR
THE 1983-1984 TAXABLE YEAR TO CALCULATE THE AMOUNT OF THE
CREDIT PROVIDED IN SUBSECTION (E) OF THIS SECTION:

(I) THE AMOUNT OF THE ASSESSMENT OF
DWELLING AS OF JANUARY 1, 1983;

(II) THE AMOUNT OF THE ASSESSMENT AS OF
JANUARY 1, 1982;

(III) THE ADJUSTED 1976 ASSESSMENT WHICH
IS THE PRODUCT OF THE AMOUNT OF THE ASSESSMENT AS OF JANUARY
1, 1976 MULTIPLIED BY 231 PERCENT;

(IV) THE PRIOR YEAR ADJUSTED ASSESSMENT
WHICH IS THE AMOUNT DETERMINED IN (E)(6)(II).

(e)(7) [Any county, Baltimore City, or municipal
corporation that interpreted the provisions of § 12F-7
enacted pursuant to Chapter 959 of the Acts of 1977 in such
a manner that for taxable year 1977-1978 the tax credit was
calculated on an amount of assessment equivalent to 115
percent of the total increase in assessment from January 1,
1976 to January 1, 1977 may continue to calculate the tax
credit from the taxable year 1978-1979 in the same manner.]
FOR THE 1983-1984 TAXABLE YEAR ONLY, THE CREDIT SHALL BE
CALCULATED BY:

(I) COMPARING THE 1982 ACTUAL ASSESSMENT,
THE ADJUSTED 1976 ASSESSMENT, AND THE PRIOR YEAR ADJUSTED
ASSESSMENT WHICH IS THE AMOUNT DETERMINED IN (E)(6)(II), AND
SELECTING THE LEAST OF THE THREE AMOUNTS;

(II) MULTIPLYING THE LEAST OF THE THREE
AMOUNTS BY 115 PERCENT;

(III) SUBTRACTING THIS PRODUCT FROM THE
1983 ACTUAL ASSESSMENT;