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LAWS OF MARYLAND

Ch. 8

MEANINGS INDICATED.

(2) (I) "ASSETS" INCLUDE:

1. REAL PROPERTY;

2. CASH;

3. SAVINGS ACCOUNTS;

4. STOCKS;

5. BONDS; AND

6. ANY OTHER INVESTMENT.

"ASSETS" DO NOT INCLUDE:

1.  THE DWELLING FOR WHICH A PROPERTY TAX
CREDIT IS SOUGHT UNDER THIS SECTION;

2.  THE CASH VALUE OF THE LIFE INSURANCE
POLICIES ON THE LIFE OF THE HOMEOWNER; OR

3.  TANGIBLE PERSONAL PROPERTY.

(3)  "COMBINED INCOME" MEANS THE COMBINED GROSS INCOME
OF ALL INDIVIDUALS WHO ACTUALLY RESIDE IN A DWELLING EXCEPT AN
INDIVIDUAL WHO:

(I)  IS A DEPENDENT OF THE HOMEOWNER UNDER § 152
OF THE INTERNAL REVENUE CODE; OR

(II)  PAYS A REASONABLE AMOUNT FOR RENT OR ROOM
AND BOARD.

(4)  "CURRENT MARKET VALUE" MEANS:

(I)  FOR RESIDENTIAL PROPERTY, THE VALUE AS
DETERMINED BY THE DEPARTMENT; AND

(II)  FOR FARMLAND, MARSHLAND, AND WOODLAND, THE
VALUE UNDER TITLE 8, SUBTITLE 2 OF THIS ARTICLE AS DETERMINED BY
THE DEPARTMENT.

(5)  "DWELLING" MEANS A HOUSE THAT IS:

(I)  USED AS THE PRINCIPAL RESIDENCE OF A
HOMEOWNER AND THE LOT OR CURTILAGE ON WHICH THE HOUSE IS ERECTED;
AND

(II)  ACTUALLY OCCUPIED OR EXPECTED TO BE
ACTUALLY OCCUPIED BY THE HOMEOWNER FOR MORE THAN 6 MONTHS OF A
12-MONTH PERIOD, WHICH ACTUAL OR EXPECTED OCCUPANCY PERIOD SHALL
INCLUDE JULY 1 OF THE TAXABLE YEAR FOR WHICH THE PROPERTY TAX

(II)