3482

LAWS OF MARYLAND

Ch. 854

CHAPTER 854

(House Bill 789)

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; and removing certain
obsolete references.

BY repealing and reenacting, with amendments,

Article - Tax - Property
Section 9-105(b) and (e)
Annotated Code of Maryland
(1986 Volume)

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 years [1985-1986 and] 1986-1987 AND
1987-1988, 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 taxable years [1985-1986 and] 1986-1987 AND
1987-1988, 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.