§ 11-2-111. LOCAL SUPPLEMENT TO HOMEOWNERS' TAX CREDIT.

(a)

Definitions. In this section, the following words have the meanings indicated.

(1)

The following words have the meanings defined in § 9-104 of the Tax-Property Article of the Maryland Code:

(i)

Combined income;

(ii)

Net worth;

(iii)

Dwelling; and

(iv)

Homeowner.

(2)

"Homeowners' Property Tax Credit Program" means the program established under § 9-104 of the Tax-Property Article of the Maryland Code.

(3)

"Local supplement" means the difference between the amount of the property tax credit as calculated under § 9-104 of the Tax-Property Article of the Maryland Code and the amount of the property tax credit as calculated under subsection (d) of this section, provided that the amount of the property tax credit as calculated under § 9-104 of the Tax-Property Article of the Maryland Code does not exceed the amount of the property tax credit as calculated under subsection (d) of this section, in which case the local supplement shall not be granted.

(4)

"Total real property tax" means the sum of all property tax rates on real property for the taxable year on a dwelling, multiplied by the lesser of:

(i)

$300,000; or

(ii)

The assessed value of the dwelling reduced by the amount of any assessment on which a property tax credit is granted under § 11-2-103 of this article.

(b)

Creation. There is a local supplement to the Homeowners' Property Tax Credit Program for dwellings in the county as authorized by § 9-215 of the Tax-Property Article of the Maryland Code.

(c)

Eligibility. A property tax credit under this section may be granted to a homeowner whose combined net worth as of December 31 of the calendar year that precedes the year in which the homeowner applies for the property tax credit does not exceed $200,000.

(d)

Calculation. The property tax credit under the Homeowners' Property Tax Credit Program as supplemented by the county is the total real property tax on a dwelling, less the following percentage of the combined income of the homeowner:

(1)

0% of the 1st $4,000 of combined income;

(2)

0% of the 2nd $4,000 of combined income;

(3)

0% of the 3rd $4,000 of combined income;

(4)

6.5% of the 4th $4,000 of combined income; and

(5)

9% of the amount of combined income in excess of $16,000.

(Bill No. 63-06, § 1, 7-1-2006; Bill No. 83-06, § 1, 7-1-2006)