In this section, the following words have the meanings indicated. “Dwelling” has the meaning stated in <cite data-doc="Md. Code" data-path="gtp|9-304">State Tax-Property Article, § 9-304(g)</cite>. “Finance Director” or “Director” means the Director of the City Department of Finance or the Director’s designee. “Homeowner” has the meaning stated in <cite data-doc="Md. Code" data-path="gtp|9-304">State Tax-Property Article, § 9-304(g)</cite>. In accordance with <cite data-doc="Md. Code" data-path="gtp|9-304">State Tax-Property Article, § 9-304(g), </cite>a tax credit is granted against the City property tax imposed on a dwelling that is newly purchased by a homeowner who, for the preceding 5 tax years, has received a credit under <cite data-doc="Md. Code" data-path="gtp|9-105">State Tax-Property Article, § 9-105 </cite>{“Homestead tax credit”} for a dwelling located in Baltimore City. To qualify for the credit authorized by this section, the homeowner must:for the 5 tax years preceding the purchase of the new dwelling in Baltimore City:have owned and occupied, as his or her principal residence, a dwelling in the City; and received a credit under <cite data-doc="Md. Code" data-path="gtp|9-105">State Tax-Property Article, § 9-105 </cite>{“Homestead tax credit”} for that dwelling; occupy the newly purchased dwelling as his or her principal residence; submit an application to the Finance Director, in the form and containing the information that the Director requires, either:within 90 days of settlement on the newly purchased dwelling; or by May 31, 2023; for each tax year for which the credit is sought file a State income tax return as a resident of Baltimore City; comply with all other procedures and conditions required by the rules and regulations adopted under this section; and either:file with the Finance Director an affidavit signed under oath in the form provided by the Director certifying that:they are a “homeowner” as defined under State Tax- Property Article, § 9-105(a)(7); and the newly purchased dwelling is a “dwelling” as defined under <cite data-doc="Md. Code" data-path="gtp|9-105">State Tax-Property Article, § 9-105(a)(5)</cite>; or have applied and been approved for the credit under <cite data-doc="Md. Code" data-path="gtp|9-105">State Tax-Property Article, § 9-105 </cite>{“Homestead tax credit”} for the newly purchased dwelling. Except as provided in paragraph (2) of this subsection, the credit granted under this section is a fixed amount of $4,000, to be allocated and applied over a period of 5 tax years as follows:$1,000 in the 1st tax year; $900 in the 2^nd tax year; $800 in the 3^rd tax year; $700 in the 4^th tax year; and $600 in the 5^th tax year. For applications filed on or after October 1, 2015, the fixed amount of the credit is $5,000 for a homeowner who purchases a dwelling located within a low or moderate income census tract, as designated from time to time by the U.S. Department of Housing and Urban Development and in which at least 51% of the persons living in the tract are in households earning 80% or less of the area median income. A homeowner who was residing within a low or moderate income census tract, as described in subparagraph (i) of this paragraph, when the homeowner submitted the application for the credit remains eligible for the higher credit authorized by this paragraph even if, after the date of the application, the census tract changes and the homeowner would otherwise be ineligible for the higher credit during the 5–year period. The $5,000 shall be allocated and applied over a period of 5 tax years as follows:$1,200 in the 1^st tax year; $1,100 in the 2^nd tax year; $1,000 in the 3^rd tax year; $900 in the 4^th tax year; and $800 in the 5^th tax year. The Finance Director may establish additional criteria necessary to carry out this paragraph. A homeowner may not receive a credit under this section (or portion of the credit) for any year in which application of the credit (or portion of the credit) would reduce the homeowner’s property tax liability below the homeowner’s property tax liability for the dwelling previously occupied by the homeowner. In any year in which a homeowner receives a credit under this section, the homeowner may not receive:the local portion of the credit under <cite data-doc="Md. Code" data-path="gtp|9-105">State Tax-Property Article, § 9-105 </cite>{“Homestead tax credit”}; or any other property tax credit provided by the City. The credit granted under this section for a dwelling may not be transferred to:a person who purchases the dwelling from the homeowner receiving the credit; or a dwelling that is subsequently purchased by the homeowner receiving the credit. After termination of the credit granted under this section, a homeowner is entitled to the local portion of the credit granted under <cite data-doc="Md. Code" data-path="gtp|9-105">State Tax-Property Article, § 9-105 </cite>{“Homestead tax credit”}, which shall be calculated:as if the homeowner had received the credit under § 9-105 beginning in the second year the homeowner occupied the dwelling; and based on the full assessed value of the dwelling in each year the homeowner received the credit granted under this section. The Finance Director shall review and approve applications for the credit granted under this section based on:the availability of the funds appropriated for the credit and its administration under <cite data-doc="Md. Code" data-path="gtp|9-304">State Tax-Property Article, § 9-304(g)(9)(i)</cite>; and the order in which applications for the credit are received; and Subject to Title 4 {“Administrative Procedure Act – Regulations”} of the <cite data-path="|general">City General Provisions Article</cite>, the Finance Director shall adopt rules, regulations, and procedures as necessary to carry out this section. The Department of Finance shall evaluate the efficacy of the credit established by this section and submit a report of its findings and recommendations on or before December 31, 2024, and every 2 years thereafter, to:the Mayor and the City Council; and in accordance with <cite data-doc="Md. Code" data-path="gsg|2-1246">State Government Article, § 2-1246</cite>:the Baltimore City House Delegation; the Baltimore City Senate Delegation; the Senate Budget and Taxation Committee; and the House Committee on Ways and Means. Ord. 14-303 Text Conformed 02/25/21 Ord. 22-166 By authority of Ordinance 20-431, Section 5, the Director of Legislative Reference, in consultation with the Law Department, has conformed this section to refer expressly to and reflect the requirements of the recently-enacted Administrative Procedure Act that, effective January 15, 2021, governs the proposal, adoption, and publication of administrative rules and regulations.