WES MOORE, Governor Ch. 899
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Chapter 899
(Senate Bill 342)
AN ACT concerning
Tax Credits – Homeowners and Renters – Income Calculation
Property Tax – Renters’ Property Tax Relief Program – Assets Calculation
FOR the purpose of excluding certain items from the definition of “assets” for purposes of
certain property tax relief provided to certain renters; and generally relating to the
renters’ property tax relief program.
BY repealing and reenacting, without amendments,
Article – Tax – Property
Section 9–102(a)(1) and (7) and (i)
Annotated Code of Maryland
(2019 Replacement Volume and 2023 Supplement)
BY repealing and reenacting, with amendments,
Article – Tax – Property
Section 9–102(a)(2)
Annotated Code of Maryland
(2019 Replacement Volume and 2023 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That the Laws of Maryland read as follows:
Article – Tax – Property
9–102.
(a) (1) In this section the following words have the meanings indicated.
(2) (i) “Assets” include:
1. real property;
2. cash;
3. savings accounts;
4. stocks;
5. bonds; and
6. any other investment. Ch. 899 2024 LAWS OF MARYLAND
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(ii) “Assets” do not include:
1. the cash value of the life insurance policies on the life of
the renter; [or]
2. THE CASH VALUE OF AN Y QUALIFIED RETIREME NT
SAVINGS PLANS OR IND IVIDUAL RETIREMENT A CCOUNTS; OR
[2.] 3. tangible personal property.
(7) “Net worth” means the sum of the current market value of all assets,
less any outstanding liability.
(i) The property tax relief under this section may not be:
(1) more than $1,000;
(2) granted to any renter whose combined net worth exceeds $200,000 as
of December 31 of the calendar year for which the property tax relief is sought;
(3) granted to any renter whose dwelling is exempt from property tax; and
(4) granted if the credit under this section is less than $1 in any year.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect June
1, 2024, and shall be applicable to all taxable years beginning after June 30, 2024.
Approved by the Governor, May 16, 2024.