Md. Code Regs. 18.07.03.03

Current through Register Vol. 51, No. 19, September 20, 2024

Section 18.07.03.03 - Cooperative Corporations

A. Pursuant to Tax-Property Article, §9-105, Annotated Code of Maryland, dwellings occupied through membership in a cooperative corporation are eligible for the Homestead Property Tax Credit.

B. The following information shall be provided for the Department to administer the credit:

(1) For a dwelling's initial eligibility for the credit:

(a) The name of any individuals holding membership in the cooperative corresponding to the dwelling; and

(b) Documentation under Tax-Property Article, §2-218, Annotated Code of Maryland, verifying that the dwelling is the principal residence of the individuals holding that membership; and

(2) For a dwelling whose occupants change due to a change of membership in the cooperative:

(a) The name of any individuals acquiring membership in the cooperative corresponding to the dwelling;

(b) The date the membership was acquired;

(c) Whether consideration was given for the membership; and

(d) Documentation under Tax-Property Article, §2-218, Annotated Code of Maryland, verifying that the dwelling is the principal residence of the individuals holding that membership.

C. The information required by §B of this regulation shall be provided:

(1) To the Department's local assessment offices;

(2) Under the signed oath of the individuals holding membership in the cooperative corresponding to the dwelling; and

(3) On a form furnished by the Department.

D. The information required by §B(2) of this regulation shall be provided within 60 days of the date that a change of membership in the cooperative occurs.

E. Failure or refusal to provide the information required by §B of this regulation will result in a dwelling being designated as not a principal residence for purposes of the credit.

Md. Code Regs. 18.07.03.03

Regulation .03 adopted effective June 30, 2008 (35:13 Md. R. 1181)