§ 10-16. Targeted Homeowner's Tax Credit.

(a) Credit granted.

In accordance with State Tax-Property Article § 9-221, a Targeted Homeowner's Tax Credit is granted against the City property tax imposed on owner-occupied property that has qualified for the Homestead Tax Credit under State Property-Tax Article § 9-105.

(b) Scope.

(1) The credit is calculated by multiplying credit rate by the assessed value of the improved portion of the property.

(2) The credit shall be granted annually on the initial July tax bill. No partial year credits may be granted.

(3) A homeowner is entitled to the credit granted under this section regardless of the amount of the Homestead Tax Credit to which the homeowner is entitled.

(c) Rate and amount of credit.

(1) The rate of the credit for each tax year shall be set by the Board of Estimates on or before the date on which the Board of Estimates states the rate for the levy of full rate property taxes in that tax year.

(2) A property tax credit granted under this section, when combined with other tax credits, may not exceed the amount of property tax imposed on the property.

(d) Rules and regulations; administration.

(1) Subject to Title 4 {"Administrative Procedure Act – Regulations"} of the City General Provisions Article, the Director of Finance shall adopt rules and regulations necessary or appropriate to carry out the provisions of this section.

(2) The Director of Finance may:

(i) settle disputed claims that arise in connection with the credit authorized by this section; and

(ii) delegate his or her powers or duties to administer this section to any agency or employee of the City.