§ 7-307. Repaired or reconstructed dwelling

   (a) Exemption allowed. -- Subject to subsection (b) of this section, real property is not subject to State property tax if:

   (1) the homeowner is otherwise eligible for the credit allowed under § 9-105 of this article;

   (2) (i) the dwelling is:

         1. damaged or destroyed due to a natural disaster; and

         2. subsequently repaired or reconstructed;

      (ii) the dwelling is revalued after the dwelling is repaired or reconstructed; and

      (iii) as a result of the revaluation, the assessment of the dwelling exceeds the last assessment of the dwelling; and

   (3) the homeowner claiming the exemption had a legal interest in the dwelling at the time the dwelling was damaged or destroyed as described under item (2) of this subsection.

(b) Conditions. -- The property tax exemption under this section only applies for a taxable year in which a property tax credit for the property described in subsection (a) of this section is granted by the governing body of a county or municipal corporation under § 9-109 of this article and applies only to the extent that the credit is granted.

HISTORY: 2005, chs. 536, 616; 2006, ch. 89.