Where, as a condition of approval of a subdivision of land which includes the land whereon the new dwelling unit is to be constructed, a person required to pay the tax created by this chapter has paid a fee or has dedicated land, or both, to the city pursuant to the provisions of this code, or has voluntarily paid such a sum or dedicated such land, or both, would have been required by such code, if applicable, the person shall be allowed as a credit against the tax the amount of the fee so paid or the fair market value of the land so dedicated or a combination of both. As used in this chapter “fair market value” means the value of the particular land for which credit is claimed as established pursuant to Section 16.04.080. A credit shall be allowed where the fee has been paid or the land has been dedicated, or a combination of both has been provided to the city by a prior owner of the land upon which the new dwelling unit is to be constructed. Provided, however, that in no event shall the amount of credit exceed the amount of tax. (Prior code § 2583)