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Ch. 445 2002 LAWS OF MARYLAND
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BY repealing and reenacting, with amendments,
Article — Tax — Property
Section 9-104
Annotated Code of Maryland
(2001 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
9-104.
(a) (1) In this section the following words have the meanings indicated.
(2) (i) "Assets" include:
1. real property;
2. cash;
3. savings accounts;
4. stocks;
5. bonds; and
6. any other investment,
(ii) "Assets" do not include:
1. the dwelling for which a property tax credit is sought
under this section;
2. the cash value of the life insurance policies on the life of
the homeowner; or
3. tangible personal property.
(3) "Combined income" means the combined gross income of all
individuals who actually reside in a dwelling except an individual who:
(i) is a dependent of the homeowner under § 152 of the Internal
Revenue Code; or
(ii) pays a reasonable amount for rent or room and board.
(4) "Current market value" means:
(i) for residential property, the value as determined by the
Department; and
(ii) for farmland, marshland, and woodland, the value under Title
8, Subtitle 2 of this article as determined by the Department.
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