|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 446 2002 LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
|
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.
(5) "Disabled veteran" has the meaning stated in § 7-208(a) of this
article.
(6) "Dwelling" means:
(i) for a homeowner who is not a home purchaser, a house that is:
1. used as the principal residence of a homeowner and the lot
or curtilage on which the house is erected;
2. occupied by not more than 2 families; and
|
|
|
|
|
|
|
|
|
|
- 3662 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
