HARRY HUGHES, Governor

1463

only, real property owned by a religious organization, which
property is located in La Vale and is leased to the La Vale
Athletic Association for the purpose of conducting athletic
and recreational programs for youth, but only when this
property is used solely and exclusively for the above
purpose; (4) from county and city taxation, real and
tangible personal property owned by the South Cumberland
Business and Civic Association, Inc., and known as the South
Cumberland Civic Center; (5) from county and special
district taxation only, real and tangible personal property
owned by the Cresaptown Civic Improvement Association, Inc.;
(6) from county and special district ordinary taxation, the
real and tangible personal property, owned by the Potomac
Park Citizens Committee, Inc.; (7) the County Commissioners
may by ordinance or resolution, grant a credit for real
property owned by the Greater Cumberland Chamber of Commerce
known as the Bell Tower Building and which is located in
Cumberland, Maryland; (8) the County Commissioners and the
Mayor and City Council of Cumberland may, by ordinance or
resolution, grant a credit for real and tangible personal
property owned by the Cumberland Outdoor Club, Inc.; (9)
FROM COUNTY AND CITY TAXATION, THE GOVERNING BODY OF THE
COUNTY OR CITY MAY, BY ORDINANCE OR RESOLUTION, GRANT A
CREDIT FOR REAL AND TANGIBLE PERSONAL PROPERTY OWNED BY THE
NATIONAL BOARD OF YOUNG MEN'S CHRISTIAN ASSOCIATIONS, AND
KNOWN AS THE RAILROAD YMCA OF CUMBERLAND; and [(9)] (10)
from county taxation only real property on which
improvements have been made to historic and architecturally
significant structures as certified by the Allegany County
Commissioners, in order to encourage improvement and
reconstruction of those properties, all to be done according
to the following schedule:

(i) The property shall receive a credit
against 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
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 in which
the improved structure is subject to taxation, 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 in which
the improved structure is subject to taxation, 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 in which
the improved structure is subject to taxation, the credit
shall be to the extent of 40 percent of the increase in
assessed valuation of the property attributable to that
reconstruction.