Ch. 617

1994 LAWS OF MARYLAND

homes that have been substantially improved since the last assessment; providing
for the computation of the tax credit; providing for continuing compliance with the
local housing code as a condition of eligibility for the tax credit; providing that the
tax credit is transferable; defining certain terms; and generally relating to a property
tax credit for homes in Baltimore City that have been substantially improved.

BY adding to

Article - Tax - Property
Section 9-304(d)

Annotated Code of Maryland
(1986 Volume and 1993 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

9-304.

(D) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.                   

(II) "DWELLING" HAS THE MEANING STATED IN § 9-105(A)(2) OF
THIS TITLE.

(III) "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 AGAINST THE COUNTY PROPERTY TAX IMPOSED
ON A DWELLING THAT:                                                                         

(I)       IS OWNED BY A. HOMEOWNER;

(II)     HAS BEEN SUBSTANTIALLY IMPROVED SINCE THE LAST
REASSESSMENT; AND

(III)    IS REASSESSED AT A HIGHER VALUE.

(3) SUBJECT TO PARAGRAPH (4) OF THIS SUBSECTION, A TAX CREDIT
UNDER THIS SECTION SHALL EQUAL THE AMOUNT OF COUNTY PROPERTY TAX
IMPOSED ON THE INCREASED VALUE OF THE DWELLING THAT IS DUE TO THE
IMPROVEMENTS MADE TO THE PROPERTY, MULTIPLIED BY:

(I) 100% FOR THE FIRST TAXABLE YEAR FOLLOWING THE FIRST
REASSESSMENT AFTER THE IMPROVEMENTS ARE MADE;

                             (II) 80% FOR THE SECOND TAXABLE YEAR FOLLOWING THE FIRST
REASSESSMENT AFTER THE IMPROVEMENTS ARE MADE;

(III) 60% FOR THE THIRD TAXABLE YEAR FOLLOWING THE FIRST
REASSESSMENT AFTER THE IMPROVEMENTS ARE MADE;

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