WILLIAM DONALD SCHAEFER, Governor                   Ch. 154

agreement provides that the occupant may reside in the unit until
termination under the terms of the contract.

[(10)] (11) "Net worth" means the sum of the current
market value of all assets, less any outstanding liability.

[(11)] (12) "Total real property tax" means the
product of the sum of all property tax rates on real property,
including special district tax rates, for the taxable year on a
dwelling, multiplied by the lesser of the assessed value of the
dwelling or $50,000; and then reduced by any property tax credit
granted under § 9-105 of this subtitle.

(g) (1) The property tax credit under this section is the
total real property tax of a dwelling, less the percentage of the
combined income of the homeowner that is described in paragraph
(2) of this subsection.

(2) The percentage is:

(i) 0% of the 1st $4,000 of combined income;

(ii) 3.5% of the 2nd $4,000 of combined income;

(iii) 5.5% of the 3rd $4,000 of combined

income;

(iv) 7.5% of the 4th $4,000 of combined income;
and

(v) 9% of the combined income over $16,000.

(i) (1) A property tax credit under this section may not
exceed $1,500 for any taxable year.

(2)  A property tax credit under this section may not
be granted to a homeowner whose combined net worth exceeds
$200,000 as of December 31 of the calendar year that precedes the
year in which the homeowner applies for the property tax credit.

(3)   If a property tax credit under this section is
less than $1 in any taxable year, the credit may not be granted.

(4)  A homeowner may claim a property tax credit under
this section for only 1 dwelling.

(5)  If a property tax credit is issued under this
section, the credit or a voucher for a credit may be used only in
the taxable year in which it was issued or the next succeeding
taxable year. However, a homeowner whose dwelling is sold for
taxes may receive the credit until the final decree under §
14-844 of this article is entered.

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