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Session Laws, 1977
Volume 735, Page 3256   View pdf image
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3256                                    LAWS OF MARYLAND                           Ch. 824
(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 CREDIT SHALL BE TO THE EXTENT OF 40 PERCENT OF THE INCREASE IN
ASSESSED VALUATION OF THE PROPERTY ATTRIBUTABLE TO THAT
RECONSTRUCTION. (V) THEREAFTER, A CREDIT FOR THE PURPOSES OF
THIS PARAGRAPH MAY NOT BE ALLOWED. [(u) In Washington County, from county taxation only, real property on which improvements are made to
existing structures within and controlled by any historic
district in Washington 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 percent 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 is subject to taxation. (ii) For the third taxable year in which the
improved structure is subject to taxation, the exemption
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 in which the
improved structure is subject to taxation, the exemption 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 in which the
improved structure is subject to taxation, the exemption shall be to the extent of 40 percent of the increase in assessed valuation of the property attributable to that
reconstruction. (v) Thereafter, an exemption for the purposes of this subsection, may not be allowed.]
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 19 77. Approved May 26, 1977.


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Session Laws, 1977
Volume 735, Page 3256   View pdf image
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