Ch. 616

1994 LAWS OF MARYLAND

2. "NEWLY CONSTRUCTED DWELLING" INCLUDES A "VACANT DWELLING"
AS DEFINED IN SUBSECTION (C)(1) OF THIS SECTION THAT HAS BEEN REHABILITATED IN
COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS AND HAS NOT BEEN
PREVIOUSLY OCCUPIED SINCE THE REHABILITATION.

(III)    "FIRST PURCHASED DWELLING" MEANS OWNER-OCCUPIED
RESIDENTIAL REAL PROPERTY THAT IS THE FIRST RESIDENCE OWNED OR PURCHASED
IN BALTIMORE CITY BY THE APPLICANT FOR A PROPERTY TAX CREDIT GRANTED UNDER
THIS SUBSECTION.

(IV)     "HOMEOWNER" HAS THE MEANING STATED IN § 9-105(A)(3) OF
THIS TITLE.

(2)      THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY MAY GRANT,
BY LAW, A PROPERTY TAX CREDIT UNDER THIS SUBSECTION AGAINST THE COUNTY
PROPERTY TAX IMPOSED ON NEWLY CONSTRUCTED DWELLINGS OR FIRST
PURCHASED DWELLINGS THAT ARE OWNED BY QUALIFYING OWNERS.

(3)      A PROPERTY TAX CREDIT GRANTED UNDER THIS SUBSECTION MAY
NOT EXCEED THE AMOUNT OF COUNTY PROPERTY TAX IMPOSED ON THE REAL
PROPERTY, LESS THE AMOUNT OF ANY OTHER CREDIT APPLICABLE IN THAT YEAR,
MULTIPLIED BY:

(I)       50% FOR THE FIRST TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;

(II)     40% FOR THE SECOND TAXABLE YEAR IN WHICH THE
PROPERTY QUALIFIES FOR THE TAX CREDIT;

(III)    30% FOR THE THIRD TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;

(IV)    20% FOR THE FOURTH TAXABLE YEAR IN WHICH THE
PROPERTY QUALIFIES FOR THE TAX CREDIT;

(V)     10% FOR THE FIFTH TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT; AND             

(VI)    0% FOR EACH TAXABLE YEAR THEREAFTER.

(4)      OWNERS OF NEWLY CONSTRUCTED DWELLINGS OR FIRST
. PURCHASED DWELLINGS MAY QUALIFY FOR THE TAX CREDIT AUTHORIZED BY THIS

SUBSECTION BY:

(I)       PURCHASING A NEWLY CONSTRUCTED DWELLING OR FIRST
PURCHASED DWELLING;

(II)     OCCUPYING THE NEWLY CONSTRUCTED DWELLING OR FIRST
PURCHASED DWELLING AS THEIR PRINCIPAL RESIDENCE;

(III)    FILING A STATE INCOME TAX RETURN DURING THE PERIOD
OF THE TAX CREDIT AS A RESIDENT OF BALTIMORE CITY; AND

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