§ 9-246. Acquired dwellings
West's Annotated Code of MarylandTax-PropertyEffective: June 1, 2010
Effective: June 1, 2010
MD Code, Tax - Property, § 9-246
§ 9-246. Acquired dwellings
(b) The Mayor and City Council of Baltimore City or the governing body of a county or of a municipal corporation may grant, by law, a tax credit as provided in this section against the county or municipal corporation property tax imposed on a replacement dwelling.
(c)(1) The property tax credit under this section may not exceed 100% of the county or municipal corporation property tax attributable to the eligible homestead assessment of the acquired dwelling, as determined under paragraphs (2) and (3) of this subsection.
(2) The county or municipal corporation property tax attributable to the eligible homestead assessment of the acquired dwelling is the product of multiplying the applicable county or municipal corporation tax rate for the current year times the eligible homestead assessment of the acquired dwelling, 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 dwelling 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
(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 replacement dwelling for the first taxable year for which the credit under this section is allowed.
(d) The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may provide, by law, for:
Credits
Added by Acts 2007, c. 558, § 1, eff. June 1, 2007. Amended by Acts 2007, c. 5, § 7, eff. March 22, 2007; Acts 2007, c. 558, § 1, eff. June 1, 2007; Acts 2008, c. 36, § 1, eff. April 8, 2008; Acts 2010, c. 291, § 1, eff. June 1, 2010.
MD Code, Tax - Property, § 9-246, MD TAX PROPERTY § 9-246
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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