(a) Definitions. In this section, the following words have the meanings indicated:
(1) “Dwelling” has the meaning set forth in § 9-105 of the Tax-Property Article of the State Code.
(2) “Retired veteran” has the meaning set forth in § 9-258(a)(3)(ii) of the Tax-Property Article of the State Code.
(b) Creation. There is a tax credit from County real property taxes levied on a dwelling owned by an eligible retired veteran.
(c) Eligibility. A retired veteran may apply for a County property tax credit for the following tax year for their principal residence provided the dwelling has an assessed value of $500,000 or less and the credit is not combined with other optional property tax credits as permitted under Title 9 of the Tax-Property Article of the State Code or this title.
(d) Calculation; duration. The tax credit provided in this section shall be 15% of the County property tax imposed on the dwelling after any mandatory property tax credits, supplements and deferrals are applied to the County tax bill . The tax credit may be applied to the County property tax on the dwelling for a total of 50 years.
(e) Time for filing of application. An application for the tax credit created by this section shall be filed on or before April 1 immediately before the taxable year for which the tax credit is sought. If the application is filed after April 1, the credit shall be disallowed that year but shall be treated as an application for a tax credit for the next succeeding taxable year.
(f) Form of application. An application for the tax credit, or renewal of the tax credit, shall be made to the Controller on a form provided by the Controller’s Office with certification of eligibility of the retired veteran and any additional information the Controller believes to be necessary to determine qualification for the credit.
(g) Termination of credit. The tax credit shall terminate for the upcoming year if the retired veteran no longer occupies the dwelling as their principal residence.
(Bill No. 76-18; Bill No. 17-20; Bill No. 50-23)