Ch. 742                          MARVIN MANDEL, Governor                              1565

CHAPTER 742
(Senate Bill 1164)

AN ACT to repeal and re-enact, with amendments, Section 9C(j) of Article 81 of
the Annotated Code of Maryland ([[1969 Replacement Volume and]] 1972
Supplement), title "Revenue and Taxes," subtitle "What Shall be Taxed and
Where," to provide for a Frederick County real property tax exemption for a
certain period for certain property located in Frederick County.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 9C(j) of Article 81 of the Annotated Code of
Maryland ([[1969 Replacement Volume and]] 1972 Supplement), title "Revenue
and Taxes," subtitle "What Shall be Taxed and Where," be, and it is hereby
repealed and re-enacted, with amendments, to read as follows:

9C.

(j) In Frederick County, (1) real and tangible personal property owned by the
Frederick Optimist Boy's Foundation, Inc., to the extent that such property is not
commercially rented. As used herein, operation of a parking lot, even at a fixed
charge, is not commercial renting. That part of the property not included under a
lease is entitled to exemption; [and] (2) from county taxation only, real property
owned by the Emmitsburg Civic Association, Inc.; AND (3) FROM COUNTY
TAXATION ONLY, REAL PROPERTY [[TO]] ON WHICH
IMPROVEMENTS ARE MADE TO EXISTING STRUCTURES WITHIN
AND CONTROLLED BY ANY HISTORIC DISTRICT IN FREDERICK
COUNTY SO AS TO ENCOURAGE IMPROVEMENT AND
RECONSTRUCTION OF THOSE PROPERTIES LOCATED WITHIN
THOSE AREAS, ALL TO BE DONE ACCORDING TO THE FOLLOWING
SCHEDULE:

(I)   THE PROPERTY SHALL BE EXEMPT FROM REAL ESTATE
TAXATION TO THE EXTENT OF 100% OF THE INCREASE IN
ASSESSED VALUATION OF THE PROPERTY ATTRIBUTABLE TO THE
RECONSTRUCTION AND IMPROVEMENT. THIS EXEMPTION SHALL
OCCUR IN THE FIRST AND SECOND [[FISCAL]] TAXABLE YEARS IN
WHICH THE IMPROVED STRUCTURE IS SUBJECT TO TAXATION.

(II)  FOR THE THIRD [[FISCAL]] TAXABLE YEAR IN WHICH THE
IMPROVED STRUCTURE IS SUBJECT TO TAXATION, THE
EXEMPTION SHALL BE TO THE EXTENT OF 80% OF THE INCREASE
IN ASSESSED VALUATION OF THE PROPERTY ATTRIBUTABLE TO
THAT RECONSTRUCTION.

(III)   FOR THE FOURTH [[FISCAL]] TAXABLE YEAR IN WHICH
THE IMPROVED STRUCTURE IS SUBJECT TO TAXATION, THE
EXEMPTION SHALL BE TO THE EXTENT OF 60% OF THE INCREASE
IN ASSESSED VALUATION OF THE PROPERTY ATTRIBUTABLE TO
THAT RECONSTRUCTION.

(IV)  FOR THE FIFTH [[FISCAL]] TAXABLE YEAR IN WHICH THE
IMPROVED STRUCTURE IS SUBJECT TO TAXATION, THE
EXEMPTION SHALL BE TO THE EXTENT OF 40% OF THE INCREASE
IN ASSESSED VALUATION OF THE PROPERTY ATTRIBUTABLE TO
THAT RECONSTRUCTION.