In this section the following words have the meanings indicated. “Dwelling” has the meaning stated in § 9–105 of this title. “Homeowner” has the meaning stated in § 9–105 of this title. The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may grant, by law, a property tax credit against the county or municipal corporation property tax imposed on a dwelling that is: located in a revitalization district; owned by a homeowner who, on or after June 1, 2017, made substantial improvements to the dwelling in compliance with the code and laws applied to dwellings; and reassessed at a higher value. The tax credit under this section shall equal the amount of county or municipal corporation property tax imposed on the increased value of the dwelling since the last reassessment that is attributable to the improvements made to the property, multiplied by: 100% for the first taxable year following the first reassessment after the improvements are made; 80% for the second taxable year following the first reassessment after the improvements are made; 60% for the third taxable year following the first reassessment after the improvements are made; 40% for the fourth taxable year following the first reassessment after the improvements are made; 20% for the fifth taxable year following the first reassessment after the improvements are made; and 0% for each taxable year thereafter. If ownership of a dwelling that is eligible for a tax credit under this section is transferred, the grantee is eligible for the balance of the property tax credit under this section in the same manner and under the same conditions as the grantor of the property. The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation shall define, by law, revitalization districts for purposes of the tax credit under this section. The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may provide, by law, for: additional eligibility criteria for the tax credit under this section; regulations and procedures for the application and uniform processing of requests for the tax credit; and any other provision necessary to carry out the tax credit.