FREDERICK

4659

RESOLUTION 4-74

A RESOLUTION TO PROPOSE AN AMENDMENT TO ARTICLE

VII, FINANCE, BY ADDING SECTION 111-C, "PROPERTY

TAX CREDITS".

SECTION I: BE IT RESOLVED, ENACTED AND ORDAINED by
the Mayor and Board of Aldermen of the City of Frederick,
that the Charter of the City of Frederick, as the same
was enacted by the General Assembly of Maryland in
Chapter 539 of the Laws of 1951, be amended by adding the
following to Article VII, Finance:

ARTICLE VII. Finance.

Section 111—C. Property Tax Credits.

The City of Frederick shall grant from city taxation
only, real property on which improvements are made to
existing structures within and controlled by any historic
district in Frederick City so as to encourage improvement
and reconstruction of those properties located within
those areas, all to be done according to the following
schedule:

a.    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 taxable years in which the
improved structure us subject to taxation.

b.    For the third 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 the
reconstruction.

c.    For the fourth 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.

d.    For the fifth 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.

e.    Thereafter no exemption for the purposes of