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ROBERT L. EHRLICH, JR., Governor Ch. 616
company and who shares the assets and earnings of the limited liability company
under an operating agreement under § 4A-402 of the Corporations and Associations
Article.
(b) If there is an increase in property assessment as calculated under this
section, the State and the governing body of each county and of each municipal
corporation shall grant a property tax credit under this section against the State,
county, and municipal corporation property tax imposed on real property by the State,
county, or municipal corporation.
(e) (1) If a dwelling is not used primarily for residential purposes, the
Department shall apportion the total property assessment between the part of the
dwelling that is used for residential purposes and the part of the dwelling that is not
used for residential purposes.
(2) If a homeowner does not actually reside in a dwelling for the required
time period because of illness or need of special care and is otherwise eligible for a
property tax credit under this section, the homeowner may qualify for the property
tax credit under this section.
(3) If a homeowner otherwise eligible for a credit under this section does
not actually reside in a dwelling for the required time period because the dwelling is
damaged due to an accident or natural disaster, the homeowner may continue to
qualify for a credit under this section for the current taxable year and 2 succeeding
taxable years even if the dwelling has been removed from the assessment roll in
accordance with § 10-304 of this article.
(4) (i) For a homeowner who is an active member of an agricultural
limited liability company to qualify for the property tax credit under this section:
1. the dwelling must have been owned and occupied by the
active member:
A. at the time of its transfer to the agricultural limited
liability company; or
B. if the dwelling was originally transferred to the
agricultural limited liability company as part of a conversion from a partnership
under § 4A-211 of the Corporations and Associations Article, then at the time of its
transfer to the former partnership; and
2. the agricultural limited liability company and the active
member who occupies the dwelling must file an application with the Department
establishing initial eligibility for the credit on or before June 30 for the following
taxable year and, at the request of the Department, must file an application in any
future year to verify continued eligibility.
(ii) Failure to file a timely application may result in
disqualification from the Homestead Tax Credit Program for the following taxable
year.
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