HARRY HUGHES, Governor                                     2913

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 28, 1985.

CHAPTER 609

(House Bill 321)

AN ACT concerning

Property Tax Credit - Assessment Increases
in Excess of 15 Percent - Extension

FOR the purpose of extending the time that a homeowner's property
tax credit that is based on a certain increase in the
assessment of property may be granted.

BY repealing and reenacting, with amendments,

Article - Tax - Property
Section 9-105(b) and (e)
Annotated Code of Maryland

(As enacted by Chapter ____ (S.B. 1) of the

Acts of the General Assembly of 1985)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

9-105.

(b) For the taxable [year 1985-1986] YEARS 1985-1986 AND
1986-1987, if there is an increase in property assessment as
calculated under subsection (e) of this section, the governing
body of each county and of each municipal corporation shall grant
a property tax credit under this section against the county and
municipal corporation property tax imposed on real property by
the county or municipal corporation.

(e) For the [1985-1986 taxable year] TAXABLE YEARS
1985-1986 AND 1986-1987, the property tax credit under this
section is calculated by:

(1)  Multiplying the prior year's taxable assessment
by 115%;

(2)  Subtracting that amount from the current year's
assessment; and