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2007 Laws of Maryland
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Ch. 559
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1. 100% FOR THE FIRST TAXABLE YEAR;
2. 80% FOR THE SECOND TAXABLE YEAR;
3. 60% FOR THE THIRD TAXABLE YEAR;
4. 40% FOR THE FOURTH TAXABLE YEAR; AND
5. 20% FOR THE FIFTH TAXABLE YEAR.
(2) THE STATE, COUNTY, OR MUNICIPAL CORPORATION
PROPERTY TAX ATTRIBUTABLE TO THE ELIGIBLE HOMESTEAD ASSESSMENT OF
THE ACQUIRED DWELLING IS THE PRODUCT OF MULTIPLYING THE APPLICABLE
STATE, COUNTY, OR MUNICIPAL CORPORATION TAX RATE FOR THE CURRENT
YEAR TIMES THE ELIGIBLE HOMESTEAD ASSESSMENT OF THE ACQUIRED
DWELLED, AS DETERMINED UNDER PARAGRAPH (3) OF THIS SUBSECTION.
(3) FOR PURPOSES OF PARAGRAPH (2) OF THIS SUBSECTION, AND
SUBJECT TO PARAGRAPH (4) OF THIS SUBSECTION, THE ELIGIBLE HOMESTEAD
ASSESSMENT OF THE ACQUIRED DWELLING IS THE AMOUNT BY WHICH THE
ACQUISITION YEAR ASSESSMENT OF THE ACQUIRED DWELLING EXCEEDS THE
PRODUCT OF MULTIPLYING THE PRIOR YEAR'S TAXABLE ASSESSMENT OF THE
ACQUIRED DWELLING TIMES:
(I) FOR PURPOSES OF THE COUNTY OR MUNICIPAL
CORPORATION PROPERTY TAX WHERE THE REPLACEMENT DWELLING AND THE
ACQUIRED DWELLED ARE LOCATED IN THE SAME COUNTY OR THE SAME
MUNICIPAL CORPORATION, THE HOMESTEAD CREDIT PERCENTAGE APPLICABLE
TO THE COUNTY PROPERTY TAX OR MUNICIPAL CORPORATION PROPERTY TAX
FOR THE ACQUISITION YEAR; AND
(II) FOR PURPOSES OF THE COUNTY OR MUNICIPAL
CORPORATION PROPERTY TAX WHERE THE REPLACEMENT DWELLING AND THE
ACQUIRED DWELLED ARE NOT LOCATED IN THE SAME COUNTY OR THE SAME
MUNICIPAL CORPORATION, 110%; AND
(III) FOR PURPOSES OF THE STATE PROPERTY TAX, 100%.
(4) THE ELIGIBLE HOMESTEAD ASSESSMENT DETERMINED
UNDER PARAGRAPH (3) OF THIS SUBSECTION SHALL BE REDUCED, BUT NOT
BELOW ZERO, BY THE AMOUNT, IF ANY, BY WHICH THE ACQUISITION YEAR
ASSESSMENT OF THE ACQUIRED DWELLING EXCEEDS THE ASSESSMENT OF THE
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- 3640 -
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