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2005 LAWS OF MARYLAND
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Ch. 616
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(iii) The credit may only be granted to one dwelling owned by the
agricultural limited liability company.
(iv) Participation in the credit program as the active member of an
agricultural limited liability company disqualifies any other dwellings owned by the
active member for the credit.
(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.
(e) (1) [For] EXCEPT AS PROVIDED UNDER SUBSECTION (J) OF THIS
SECTION, FOR each taxable year, the property tax credit under this section is
calculated by:
(i) multiplying the prior year's taxable assessment by the
homestead credit percentage as provided under paragraph (2) of this subsection;
(ii) subtracting that amount from the current year's assessment;
and
(iii) if the difference is a positive number, multiplying the difference
by the applicable State, county, or municipal corporation property tax rate for the
current year.
(2) For each taxable year, the homestead credit percentage under
paragraph (1)(i) of this subsection is:
(i) for the State property tax, 110%;
(ii) for the county property tax:
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- 3484 -
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