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ROBERT L. EHRLICH, JR., Governor Ch. 588
certain homeowners' property tax credit is calculated; altering the computation
of the credit; providing for the application of this Act altering the definition of
"total real property tax" so as to alter the application of a certain limitation on
the assessed value of a dwelling used for calculating a certain homeowners'
property tax credit; specifying certain additional eligibility criteria that the
Mayor and City Council of Baltimore City or the governing body of a county may
provide by law for purposes of a local supplement to a certain homeowners'
property tax credit; authorizing the Mayor and City Council of Baltimore City or
the governing body of a county to alter a certain limitation on a homeowner's net
worth for eligibility for the credit for purposes of a local supplement; providing
for the application of this Act; and generally relating to the homeowners'
property tax credit.
BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 9-104(a)(13) and (g) 9-215
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
9-104.
(a) (13) "Total real property tax" means the product of the sum of all property
tax rates on real property, including special district tax rates, for the taxable year on
a dwelling, multiplied by the lesser of:
(I) $150,000; OR
(II) the assessed value of the dwelling or [$150,000] $175,000; and
then reduced by any THE AMOUNT OF ANY ASSESSMENT ON WHICH A property tax
credit IS granted under § 9-105 of this subtitle.
(g) (1) Except as provided in subsection (g-1) of this section, the property
tax credit under this section is the total real property tax of a dwelling, less the
percentage of the combined income of the homeowner that is described in paragraph
(2) of this subsection.
(2) The percentage is:
(i) 0% of the 1st $1,000 of combined income;
(ii) [1%] 0% of the 2nd $1,000 of combined income;
(iii) [4.5%] 3.5% of the 3rd $1,000 of combined income;
(iv) 6.5% of the 4th $1,000 of combined income; and
(v) 9% of the combined income over $16,000.
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