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ROBERT L. EHRLICH, JR., Governor Ch. 536
1. DAMAGED OR DESTROYED DUE TO A NATURAL DISASTER;
AND
2. SUBSEQUENTLY REPAIRED OR RECONSTRUCTED;
(II) THE DWELLING IS REVALUED AFTER THE DWELLING IS
REPAIRED OR RECONSTRUCTED; AND
(III) AS A RESULT OF THE REVALUATION, THE ASSESSMENT OF THE
DWELLING EXCEEDS THE LAST ASSESSMENT OF THE DWELLING; AND
(3) THE HOMEOWNER CLAIMING THE EXEMPTION HAD A LEGAL
INTEREST IN THE DWELLING AT THE TIME THE DWELLING WAS DAMAGED OR
DESTROYED AS DESCRIBED UNDER ITEM (2) OF THIS SUBSECTION.
(B) A HOMEOWNER MAY RECEIVE A TAX CREDIT UNDER THIS SECTION ONLY
IF THE HOMEOWNER QUALIFIED FOR AND RECEIVED A TAX CREDIT UNDER § 9-109
OF THIS SUBTITLE AND IS NO LONGER RECEIVING A TAX CREDIT UNDER § 9-109 OF
THIS SUBTITLE.
(C) THE AMOUNT OF THE PROPERTY TAX CREDIT ALLOWED UNDER THIS
SECTION MAY NOT EXCEED SHALL EQUAL 50% OF THE PROPERTY TAX
ATTRIBUTABLE TO AN INCREASE IN THE ASSESSMENT OF THE DWELLING UPON
REVALUATION UNDER § 8-104(C)(l)(III) OF THIS ARTICLE, INCLUDING
IMPROVEMENTS, OVER THE LAST ASSESSMENT OF THE DWELLING BEFORE THE
NATURAL DISASTER, LESS THE AMOUNT OF ANY ASSESSMENT ON WHICH A
PROPERTY TAX CREDIT UNDER § 9-105 OF THIS SUBTITLE HAS BEEN AUTHORIZED.
(D) A CREDIT UNDER THIS SECTION MAY NOT BE GRANTED FOR MORE THAN 3
YEARS.
(E) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE GOVERNING
BODY OF A COUNTY OR MUNICIPAL CORPORATION SHALL:
(1) ESTABLISH PROCEDURES OR REQUIREMENTS FOR THE
APPLICATION, REVIEW, AND APPROVAL OF TAX CREDITS UNDER THIS SECTION; AND
(2) NOTIFY THE DEPARTMENT OF ANY CREDITS THAT HAVE BEEN
GRANTED UNDER THIS SECTION.
(4) (F) THE CREDIT UNDER THIS SUBSECTION MAY NOT BE CLAIMED
FOR A DWELLING FOR WHICH REPAIR OR RECONSTRUCTION IS COMPLETED:
(I) (1) BEFORE SEPTEMBER 18, 2003; OR
(II) (2) AFTER DECEMBER 31, 2006.
[(j)] (K) The Department shall adopt rules and regulations to implement this
section.
[(k)] (L) The tax credit under this section shall be known as the homestead
property tax credit.
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