HARRY HUGHES, Governor

5153

(II) MULTIPLYING THE LEAST OF THE 3

AMOUNTS BY 115 PERCENT;

(III) SUBTRACTING THIS PRODUCT FROM THE

1983 ACTUAL ASSESSMENT;

(IV) MULTIPLYING THIS DIFFERENCE, PROVIDED

IT IS A POSITIVE NUMBER, BY THE APPLICABLE COUNTY, BALTIMORE

CITY, OR MUNICIPAL TAX RATE FOR THIS YEAR. THE AMOUNT

DETERMINED IN STEP (IV) OF THIS PARAGRAPH SHALL BE THE
AMOUNT OF THE TAX CREDIT FOR THE 1982-1984 TAXABLE YEAR.

(9) FOR THE 1984-1985 TAXABLE YEAR ONLY, THE
CREDIT SHALL BE CALCULATED BY:

(I) COMPARING THE 1983 ACTUAL ASSESSMENT,
THE ADJUSTED 1976 ASSESSMENT, AND THE PRIOR YEAR ADJUSTED
ASSESSMENT WHICH IS THE AMOUNT DETERMINED IN (E)(9)(II), AND
SELECTING THE LAST OF THE 3 AMOUNTS;

(II) MULTIPLYING THE LEAST OF THE 3

AMOUNTS BY 115 PERCENT;

(III) SUBTRACTING THIS PRODUCT FROM THE
1984 ACTUAL ASSESSMENT;

(IV) MULTIPLYING THIS DIFFERENCE, PROVIDED
IT IS A POSITIVE NUMBER, BY THE APPLICABLE COUNTY, BALTIMORE
CITY, OR MUNICIPAL TAX RATE FOR THIS YEAR. THE PRODUCT OF
THIS CALCULATION SHALL BE THE AMOUNT OF THE TAX CREDIT FOR

THE 1984-1985 TAXABLE YEAR.

FOR the purpose of extending the property tax credit program
with respect to property assessment increases in excess
of 15 percent; altering the method of calculating this
credit; defining certain terms; and generally relating
to the property tax credit program.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 12F-7(a) and (b)

Annotated Code of Maryland

(1980 Replacement Volume and 1981 Supplement)

BY repealing

Article 81 - Revenue and Taxes

Section 12F-7(d), (e), and (f)

Annotated Code of Maryland

(1980 Replacement Volume and 1981 Supplement)