Maryland Code, TAX – PROPERTY 7-307
Terms Used In Maryland Code, TAX - PROPERTY 7-307
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: means a county of the State or Baltimore City. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) the homeowner is otherwise eligible for the credit allowed under § 9-105 of this article;
(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 exemption 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) The property tax exemption under this section only applies for a taxable year in which a property tax credit for the property described in subsection (a) of this section is granted by the governing body of a county or municipal corporation under § 9-109 of this article and applies only to the extent that the credit is granted.