WILLIAM DONALD SCHAEFER, Governor                         Ch. 221

(2)     For each taxable year, the homestead credit percentage under paragraph
(1)(i) of this subsection is:

(i) for the State property tax, 110%;

(ii) for the county property tax[,]:

1.        the homestead credit percentage established by the county
under paragraph (3) of this subsection; OR

2.        IF THE COUNTY HAS NOT SET A PERCENTAGE FOR THE
TAXABLE YEAR UNDER PARAGRAPH (3) OF THIS SUBSECTION OR HAS NOT NOTIFIED
THE DEPARTMENT AS REQUIRED UNDER PARAGRAPH (6) OF THIS SUBSECTION, 110%
THE HOMESTEAD CREDIT PERCENTAGE IN EFFECT FOR THE COUNTY FOR THE
PRECEDING TAXABLE YEAR; and

(iii) for the municipal corporation property tax:

1.       the homestead credit percentage established by the
municipal corporation under paragraph (4) of this subsection; or

2.       if the municipal corporation has not set a percentage under
paragraph (4) of this subsection OR HAS NOT NOTIFIED THE DEPARTMENT AS
REQUIRED UNDER PARAGRAPH (7) OF THIS SUBSECTION, the homestead credit
percentage [set by] FOR THE TAXABLE YEAR FOR the county in which the property is
located.

(3)     Subject to paragraph (5) of this subsection, the Mayor and City Council
of Baltimore City and the governing body of a county on or before [January 1 of 1992,
and] NOVEMBER 15 of any year [thereafter,] shall set, by law, the homestead credit
percentage for the taxable year beginning the following July 1.

(4)     Subject to paragraph (5) of this subsection, on or before [February 1]
NOVEMBER 25 of any year, the governing body of a municipal corporation may set or
alter, by law, a homestead credit percentage for the taxable year beginning the following
July 1 and any subsequent taxable year.

(5)     The homestead credit percentage for any county or municipal
corporation property tax:

(I)      may not be less than 100% or exceed 110% for any taxable year;
AND

(II)     SHALL BE EXPRESSED IN INCREMENTS OF 1 PERCENTAGE
POINT.

(6)     The Mayor and City Council of Baltimore City and the governing body
of a county shall notify the Department of any action taken under paragraph (3) of this
subsection on or before [January 1] NOVEMBER 15 preceding the taxable year for which
the action is taken.

- 1557 -