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3580
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Ch. 940
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LAWS OF MARYLAND
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Article 81 - Revenue and Taxes
19.
(g) (1) THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION MAY REDUCE UP TO 100 PERCENT THE ASSESSMENT OF
RESIDENTIAL REAL PROPERTY DAMAGED BY FLOOD, WATER OR
SEWAGE. THE DEPARTMENT ALSO MAY REDUCE UP TO 100 PERCENT
THE ASSESSMENT OF RESIDENTIAL REAL PROPERTY WHICH FACES A
SUBSTANTIAL THREAT OF RECURRING FLOOD, WATER OR SEWAGE
DAMAGE AS DETERMINED BY THE DEPARTMENT.
(G) (1) WITH RESPECT TO THE ASSESSMENT OF ANY
IMPROVEMENTS TO REAL "PROPERTY CONSTRUCTED PRIOR TO
JANUARY 1, 1977 AND OCCUPIED BY THE OWNER USED AS THE
PRINCIPAL PLACE OF RESIDENCE, THE DEPARTMENT MAY REDUCE
THE AMOUNT OF THE ASSESSMENT IN WHOLE OR IN PART BASED ON
THE ECONOMIC OBSOLESCENCE OF THE IMPROVEMENTS WHICH HAVE
BEEN DAMAGED BY FLOOD AND WHICH FACE A SUBSTANTIAL THREAT
OF RECURRING FLOOD DAMAGE, OTHER THAN FOR FLOOD DAMAGE
CAUSED SOLELY BY TIDAL ACTION.
(2) The assessment of residential real
property damaged or destroyed by flood, fire, storm or
any sudden force of nature [shall] MAY not be increased
when the property is restored or replaced, if the
property is comparable in value to the property damaged
or lost as a result of the damage or destruction and
provided that the assessment was not reduced or abated
because of damage or destruction.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 26, 1977.
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CHAPTER 941
(House Bill 478)
AN ACT concerning
Residential Real Property - Tax Credits
FOR the purpose of permitting local subdivisions under
certain conditions to provide a tax credit on
damaged or threatened residential real property.
BY adding to
Article 81 - Revenue and Taxes
Section 12E-2
Annotated Code of Maryland
(1975 Replacement Volume and 1976 Supplement)
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