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Ch. 27 2006 LAWS OF MARYLAND
(ii) 1% of the 2nd $4,000 of combined income;
(iii) (II) 4.5% 4% of the 3rd NEXT $4,000 of combined income;
(iv) (III) 6.5% of the 4th NEXT $4,000 of combined income; and
(v) (IV) 9% of the combined income over $16,000.
(g-1) For home purchasers, the property tax credit is the amount of the credit as
calculated under subsection (g) of this section multiplied by a fraction, where:
(1) the numerator of the fraction is the number of days in the fiscal year
that the home purchaser actually occupies or expects to actually occupy a dwelling in
which the home purchaser has a legal interest; and
(2) the denominator is 365 days.
(G-2) (1) IN THIS SUBSECTION, "TOTAL REAL PROPERTY TAX" MEANS THE
PRODUCT OF MULTIPLYING;
(I) THE SUM OF ALL PROPERTY TAX RATES ON REAL PROPERTY,
INCLUDING SPECIAL TAXING DISTRICT TAX RATES, IMPOSED ON A DWELLING; AND
(II) THE ASSESSED VALUE OF THE DWELLING REDUCED BY THE
AMOUNT OF ANY ASSESSMENT ON WHICH A PROPERTY TAX CREDIT IS GRANTED
UNDER § 9-105 OF THIS SUBTITLE.
(2) FOR A HOMEOWNER WHO MEETS THE REQUIREMENTS OF
PARAGRAPH (3) OF THIS SUBSECTION, THE PROPERTY TAX CREDIT UNDER THIS
SECTION IS THE GREATER OF:
(I) THE AMOUNT DETERMINED UNDER SUBSECTION (C) OF THIS
SECTION; AND
(II) THE AMOUNT BY WHICH THE TOTAL REAL PROPERTY TAX OF A
DWELLING FOR THE TAXABLE YEAR EXCEEDS THE TOTAL REAL PROPERTY TAX OF
THE DWELLING FOR THE FIRST TAXABLE YEAR IN WHICH;
1. THE HOMEOWNER OR THE HOMEOWNER'S SPOUSE WAS A
SENIOR CITIZEN; AND
2. THE HOMEOWNER'S DWELLING WAS NOT SUBJECT TO
ANY LIENS OR MORTGAGES.
(3) TO QUALIFY FOR THE PROPERTY TAX CREDIT UNDER THIS
SUBSECTION, A HOMEOWNER SHALL;
(I) BE A SENIOR CITIZEN OR BE MARRIED TO A SENIOR CITIZEN
AND FILE A JOINT MARYLAND INCOME TAX RETURN;
(II) HAVE A COMBINED INCOME THAT DOES NOT EXCEED $70,000;
AND
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