(a) Definitions. In this section, the following words have the meanings indicated.
(1) "Combined income" has the meaning stated in the Tax-Property Article, § 9-104(a), of the State Code.
(2) "Dwelling" has the meaning stated in the Tax-Property Article, § 9-104(a), of the State Code.
(3) "Homeowner" has the meaning stated in the Tax-Property Article, § 9-104(a), of the State Code.
(4) "Homeowners Property Tax Credit Program" means the program established under the Tax-Property Article, § 9-104, of the State Code.
(5) "Total real property tax" means the product of the sum of all property tax rates on real property, including special district tax rates, for the taxable year on a dwelling, multiplied by the lesser of $350,000 or the assessed value of the dwelling reduced by the amount of any assessment on which a property tax credit is granted under the Tax-Property Article, § 9-105, of the State Code.
(b) Creation. There is a local supplement to the Homeowners Property Tax Credit Program for dwellings in the County as authorized by the Tax-Property Article, § 9-215, of the State Code.
(c) Calculation. Unless eligible for enhancement under subsection (d), the local supplement to the Homeowners Property Tax Credit Program is the difference between the amount of the property tax credit as calculated under the Tax-Property Article, § 9-104(g), of the State Code and the amount of the property tax credit as calculated by determining 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) 3% of the 4th $4,000 of combined income;
(5) 7% of the 5th $4,000 of combined income; and
(6) 9% of combined income over $20,000.
(d) Eligibility for enhanced local supplement. There is an enhanced local supplement if a homeowner, as of the end of the calendar year preceding the taxable year for which the enhanced local supplement is sought:
(1) is at least 70 years of age; and
(2) has resided in the dwelling for more than ten years.
(e) Calculation of enhanced local supplement. If the eligibility criteria described in subsection (d) are met, the local supplement to the Homeowners Property Tax Credit Program is 130% of the amount calculated in subsection (c), but shall not exceed the amount of the real property tax imposed on the dwelling.
(1985 Code, Art. 6, § s1-108) (Bill No. 47-92; Bill No. 36-99; Bill No. 38-02; Bill No. 41-06; Bill No. 8-07)