HARRY HUGHES, Governor

329

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.

(D)  CONDITIONS.

(1)  THE DEPARTMENT SHALL GRANT A PROPERTY TAX CREDIT
UNDER THIS SECTION UNLESS DURING THE PREVIOUS CALENDAR 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;

(III)  THE USE OF THE DWELLING WAS CHANGED
SUBSTANTIALLY;

(IV)  THE DWELLING WAS IMPROVED EXTENSIVELY; OR

(V)  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)  CALCULATION.

FOR THE 1985-1986 TAXABLE YEAR, 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

(3)  IF THE DIFFERENCE IS A POSITIVE NUMBER,
MULTIPLYING THE DIFFERENCE BY THE APPLICABLE COUNTY OR MUNICIPAL
CORPORATION PROPERTY TAX RATE FOR THE CURRENT YEAR.

REVISOR'S NOTE: This section is new language derived