MARVIN MANDEL, Governor                             1797

acquired and disposed of by the mayor and city council of
Baltimore pursuant to Article II (15) of the Baltimore
City charter (1964 revision) owned by any person, firm or
corporation engaged in the construction and operation of
housing structures or projects substantially constructed
or rehabilitated after July 1, 1973, where suck
structures and facilities are governmentally controlled
as to rents, charges, rate [or] OF return and/or methods
of operation so as to operate on a non-profit or United
distribution basis may be subject to exemption from
Baltimore City taxes upon the entry of the board of
estimates of Baltimore City and the eligible person, firm
or corporation into an agreement for the payment of a
negotiated sum or sums in lieu of all Baltimore City
taxes upon such property. Any structure or project as
aforesaid may contain non—dwelling commercial and
community facilities (including but not limited to dining
halls, community rooms, infirmaries and other service
facilities to serve its occupants and the surrounding
neighborhood) without affecting the power of the board of
estimates of Baltimore City to approve the exemption
above mentioned, provided the structure or project
remains predominantly residential.

The properties to which this subsection (o) applies
are those in urban renewal projects approved as of July
1, 1973, except that this subsection does not apply to
properties in the Madison Park North, Madison Park South,
and Mount Vernon projects.

This subsection applies only to agreements entered
into prior to July 1, 1976,

In 1974, 1975, and 1976 the effect and operation of
agreements entered into under this subsection during the
prior year shall be reported to the General Assembly of
Maryland.

50.

(b) Notwithstanding anything to the contrary in
this article or elsewhere in the laws and regulations of
this State and of any county, city or town, or taxing
district thereof, any real property completed during the
period after July 1 in any year and through January 1 in
the next succeeding year, or otherwise first added to the
tax rolls during this period, is subject to the payment
of property taxes for the six months beginning on that
January 1 and ending on the next succeeding June 30. The
taxes for these six months shall be computed by using the
assessed valuation of the property at one half the
current annual tax rate for the State, county, city or
town, or taxing district, as the case may be. Taxes
imposed for these six months are due and payable as of