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MARVIN MANDEL, Governor 1341
(i) The property shall be exempt from real
estate taxation to the extent of 100 percent of the
increase in assessed valuation of the property
attributable to the reconstruction and improvement. This
exemption shall occur in the first and second taxable
years in which the improved structure is subject to
taxation.
(ii) For the third taxable year in which the
improved structure is subject to taxation, the exemption
shall be to the extent of 80 percent of the increase in
assessed valuation of the property attributable to that
reconstruction.
(iii) For the fourth taxable year in which the
improved structure is subject to taxation, the exemption
shall be to the extent of 60 percent of the increase in
assessed valuation of the property attributable to that
reconstruction.
(iv) For the fifth taxable year in which the
improved structure is subject to taxation, the exemption
shall be to the extent of 40 percent of the increase in
assessed valuation of the property attributable to that
reconstruction.
(v) Thereafter, an exemption for the
purposes of this subsection may not be allowed.]
19.
(A) (10) IN HARFORD COUNTY, THE COUNTY COUNCIL
MAY ALLOW SILOS USED FOR PROCESSING OR STORING ANIMAL
FEED, INCIDENTAL TO THE OPERATION OF THE FARM ON WHICH
LOCATED, TO BE EXCLUDED FROM THE VALUATION OF THE
PROPERTY ON WHICH LOCATED.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977, but it shall not apply to
contracts or covenants entered into or imposed prior to
July 1, 1977 for charges assessed or determined upon or
with respect to the valuation placed upon land and
permanent improvements for State and county real estate
tax purposes,__which land and permanent improvements shall
be deemed to continue__ to be assessed at current value
less a 50 percent allowance for inflation for the purpose
of these contracts or covenants.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved March 31, 1977.
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CHAPTER 41
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