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2285
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MARVIN MANDEL, Governor
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General Assembly.
BY adding to repealing and reenacting, with amendments,
Article 81 - Revenue and Taxes
Section 9(q) 9C(o-1)
Annotated Code of Maryland
(1975 Replacement Volume and 1976 Supplement,___as
amended by Chapter 40 of the Acts of 1977)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 9(q) 9C(o-1) be and it is
hereby added to Article 81 - Revenue and Taxes, of the
Annotated Code of Maryland (1975 Replacement Volume and
1976 Supplement, as amended by Chapter 40 of the Acts of
1977) to read as follows:
Article 81 - Revenue and Taxes
9.
(Q) IN WASHINGTON COUNTY, PROPERTY OWNED BY THE
DISTRICT 15 CIVIC ASSOCIATION, INC., OF BIG POOL,
MARYLAND.
9C.
(O-1) IN WASHINGTON COUNTY, In Washington County,
(1) FROM COUNTY TAXATION ONLY, REAL AND TANGIBLE PERSONAL
PROPERTY OWNED BY THE DISTRICT 15 CIVIC ASSOCIATION,
INC., OF BIG POOL, MARYLAND.
(2) from county taxation only, real property
on which improvements are made to existing structures
within and controlled by any historic district in the
county in order to encourage improvement and
reconstruction of properties located within those areas,
all to be done according to the following schedule:
(i) The property shall receive a
credit to the extent of 100 percent of the increase in
assessed valuation of the property attributable to the
reconstruction and improvement. This credit shall occur
in the first and second taxable years in which the
improved structure is subject to taxation.
(ii) For the third taxable year, the
credit 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, the
credit 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, the
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