(a) The governing body of a county or municipal corporation may grant a property tax credit under this section against the applicable county or municipal corporation property tax imposed on owner-occupied residential real property situated entirely or in part within the 65 LDN noise contour as established by the airport noise zone surrounding Baltimore-Washington International Thurgood Marshall Airport that has been most recently adopted by the Maryland Aviation Administration as of the first day of the taxable year.

(b) The governing body of a county or of a municipal corporation may choose to provide the tax credit under subsection (a) of this section only within a smaller noise contour than the 65 LDN noise contour.

(c) The governing body of a county or of a municipal corporation may provide, by law, for:

(d) If the governing body of a county or of a municipal corporation provides the tax credit under subsection (a) of this section to property located outside the 75 LDN noise contour, the governing body of the county or municipal corporation may vary the amount of the credit based on where the property is situated within the airport noise zone.