Maryland Code, TAX – PROPERTY 9-243
Terms Used In Maryland Code, TAX - PROPERTY 9-243
- 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
- including: means includes or including by way of illustration and not by way of limitation. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(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.