Regulation .03 Cooperative Corporations.
Regulation .03 Cooperative Corporations.LinkCopy Citation
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.