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ROBERT L. EHRLICH, JR., Governor Ch. 555
certain circumstances; and generally relating to eligibility for the homestead
property tax credit.
BY adding to repealing and reenacting, with amendments,
Article - Tax - Property
Section 1-306 9-105(d)
Annotated Code of Maryland
(2001 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
1-306.
UNLESS OTHERWISE PROVIDED IN THIS ARTICLE, A TRANSFER OF PROPERTY IS
DEEMED TO OCCUR ON THE DATE THAT AN EXECUTED DEED IS RECORDED.
9-105.
(d) (1) The Department shall authorize and the State, a county, or a
municipal corporation shall grant a property tax credit under this section for a
taxable year unless during the previous taxable year:
(i) the dwelling was transferred for consideration to new
ownership;
(ii) the value of the dwelling was increased due to a change in the
zoning classification of the dwelling initiated or requested by the homeowner or
anyone having an interest in the property;
(iii) the use of the dwelling was changed substantially; or
(iv) the assessment of the dwelling was clearly erroneous due to an
error in calculation or measurement of improvements on the real property.
(2) A homeowner must actually reside in the dwelling by July 1 of the
taxable year for which the property tax credit under this section is to be allowed.
(3) A homeowner may claim a property tax credit under this section for
only 1 dwelling.
(4) If a property tax credit under this section is less than $1 in any
taxable year, the tax credit may not be granted.
(5) (I) IF THE DWELLING WAS TRANSFERRED FOR CONSIDERATION TO
NEW OWNERSHIP ON OR AFTER JANUARY 1 BUT BEFORE THE BEGINNING OF THE
NEXT TAXABLE YEAR AND THE PROPERTY HAS NOT BEEN TRANSFERRED ON THE
ASSESSMENT ROLLS PRIOR TO THE BEGINNING OF THE NEXT TAXABLE YEAR:
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