2186                                              LAWS OF MARYLAND                        [Ch. 642

WHICH AM EASEMENT OR OTHER INTEREST HAS BEEN PERMANENTLY
CONVEYED OR ASSIGNED BY THE OWNER OR A PREDECESSOR IN
TITLE TO THE MARYLAND AGRICULTURAL LAND PRESERVATION
FOUNDATION PURSUANT TO SECTION 2-504 OF THE AGRICULTURE
ARTICLE,

(B)    THE VALUATION AND ASSESSMENT OF ALL THIS
PROPERTY SHALL BE MADE AND ACCOMPLISHED IN ALL RESPECTS
AS OTHER REAL AND PERSONAL PROPERTY IN THE PARTICULAR
SUBDIVISION.

(C)    THE BOARD OF COUNTY COMMISSIONERS OR COUNTY
COUNCIL OF EVERY COUNTY, OR THE CITY COUNCIL OF BALTIMORE
CITY, BY RESOLUTION OR ORDINANCE, MAY PROVIDE FOR THE
GRANTING OF TAX CREDITS IN AMOUNTS OF UP TO [[100%]] 75%
OF THE COUNTY, COUNTY SCHOOL, MUNICIPAL OR SPECIAL
DISTRICT PROPERTY TAXES IMPOSED IN THE PARTICULAR
SUBDIVISION UPON REAL PROPERTY IF THE OWNER OR
PREDECESSOR IN TITLE HAS PERMANENTLY CONVEYED OR
ASSIGNED TO THE MARYLAND AGRICULTURAL LAND PRESERVATION
FOUNDATION AN EASEMENT OR INTEREST IN THE LAND PURSUANT
TO SECTION 2-504 OF THE AGRICULTURE ARTICLE TO PRESERVE
ITS CHARACTER AS AGRICULTURAL LAND OR WOODLAND.

(D)    THE COUNTY COMMISSIONERS, THE COUNTY COUNCIL
OR THE BALTIMORE CITY COUNCIL MAY PROVIDE, BY RESOLUTION
OR ORDINANCE, THE PROCEDURAL AND ENFORCEMENT MEASURES
NECESSARY TO IMPLEMENT THIS SECTION.

(E)    IN THE EVENT A PART OR ALL OF THE PROPERTY IS
ACQUIRED BY THE EXERCISE OF THE POWER OF EMINENT DOMAIN,
THE FAIR MARKET VALUE OF THE PROPERTY SHALL NOT BE
AFFECTED BY ITS HAVING BEEN QUALIFIED FOR A TAX CREDIT
PURSUANT TO THIS SECTION EXCEPT THAT THERE SHALL BE
DEDUCTED FROM FAIR MARKET VALUE THE LESSER OF (A) THE
VALUE OF THE EASEMENT GRANTED, OR (B) THE EXCESS OF THE
AGGREGATE AMOUNT OF THE PROPERTY TAXES THAT WOULD HAVE
BEEN DUE ON THE PROPERTY IF THE EASEMENT HAD NOT BEEN
GRANTED ABOVE THE AGGREGATE AMOUNT OF PROPERTY TAXES
ACTUALLY PAID ON THE PROPERTY SINCE THE EASEMENT WAS
GRANTED. IF THE FOUNDATION PURCHASES THE EASEMENT FOR A
MONETARY CONSIDERATION, OTHER THAN OR IN ADDITION TO, THE
TAX CREDIT, THE [[COORDINATION]] CONDEMNATION AWARD SHALL
BE FURTHER REDUCED BY AN AMOUNT EQUAL TO THE ADDITIONAL
CONSIDERATION.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.

Approved May 31, 1974.