HARRY HUGHES, Governor

3611

one-year extension is the more prudent approach. Therefore, I
have signed House Bill 789 and not Senate Bill 22.

Sincerely,
Harry Hughes
Governor

Senate Bill No. 22

AN ACT concerning

Property Tax Credit - Assessment Increases
in Excess of 15 Percent - Extension

FOR the purpose of extending indefinitely the time for the
granting of a homeowner's property tax credit that is based
on a certain increase in the assessment of property; and
deleting certain obsolete date references.

BY repealing and reenacting, with amendments,

Article - Tax - Property
Section 9-105(b) and (e)
Annotated Code of Maryland
(1986 Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

9-105.

(b) For the taxable [years 1985 1986 and] YEAR 1986-1987
AND FOR EACH TAXABLE YEAR THEREAFTER YEARS 1986-1987, 1987-1988,
AND 1988-1989, if there is an increase in property assessment as
calculated under subsection (e) of this section, the governing
body of each county and of each municipal corporation shall grant
a property tax credit under this section against the county and
municipal corporation property tax imposed on real property by
the county or municipal corporation.

(e) For the taxable [years 1985-1986 and] YEAR 1986-1987
AND FOR EACH TAXABLE YEAR THEREAFTER YEARS 1986-1987, 1987-1988,
AND 1988-1989, the property tax credit under this section is
calculated by:

(1)  multiplying the prior year's taxable assessment
by 115%;

(2)  subtracting that amount from the current year's
assessment; and