(a) Subject to subsection (b) of this section, the Mayor and City Council of Baltimore City or the governing body of a county or of a municipal corporation may grant a tax credit under this section against the county or municipal corporation property tax imposed on real property if: (1) the homeowner is otherwise eligible for the credit allowed under § 9-105 of this title; (2) (i) the dwelling is: 1. damaged or destroyed due to a natural disaster; and 2. subsequently repaired or reconstructed; (ii) the dwelling is revalued after the dwelling is repaired or reconstructed; and (iii) as a result of the revaluation, the assessment of the dwelling exceeds the last assessment of the dwelling; and (3) the homeowner claiming the credit had a legal interest in the dwelling at the time the dwelling was damaged or destroyed as described under item (2) of this subsection. (b) A homeowner may receive a tax credit under this section only if the homeowner qualified and received a tax credit under § 9-109 of this title and is no longer receiving a tax credit under § 9-109 of this title. (c) The amount of the property tax credit allowed under this section shall equal 50% of the property tax attributable to an increase in the assessment of the dwelling on revaluation under § 8-104(c)(1)(iii) of this article, including improvements, over the last assessment of the dwelling before the natural disaster, less the amount of any assessment on which a property tax credit under § 9-105 of this title has been authorized. (d) A credit under this section may not be granted for more than 3 years. (e) The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may: (1) establish procedures or requirements for the application, review, and approval of tax credits under this section; (2) establish additional eligibility criteria such as age, income level, or assessment value; and (3) notify the Department of any credits that have been granted under this section. (f) The credit under this section may not be claimed for a dwelling for which repair or reconstruction is completed before September 18, 2003.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.