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2160 LAWS OF MARYLAND Ch. 669
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] (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.
(v) Thereafter, no credit for the purpose of
this paragraph shall be allowed AND;; AND (11) FROM MUNICIPAL
CORPORATION TAX, THE CITY OF CUMBERLAND MAY GRANT, BY LAW, A TAX
CREDIT AGAINST PROPERTY TAX ON PROPERTY THAT IS IN NEED OF
REHABILITATION AND IS IMPROVED PURSUANT TO REGULATIONS
ESTABLISHED BY THE CITY OF CUMBERLAND:
(I) FOR THE FIRST 3 TAXABLE YEARS AFTER THE
IMPROVEMENTS ARE COMPLETED; AND
(II) FOR AN AMOUNT THAT DOES NOT EXCEED THE
AMOUNT OF THE INCREASE IN TAXES THAT RESULTS FROM THE INITIAL
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