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ROBERT L. EHRLICH, JR., Governor
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H.B. 1513
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authorizing the Mayor and City Council of Baltimore City to grant, by law, a
property tax credit against the local property tax imposed on certain newly
constructed dwellings under certain circumstances; and generally relating to
property tax credits for newly constructed dwellings in Baltimore City.
BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 9-304(d)
Annotated Code of Maryland
(2001 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
9-304.
(d) (1) (i) In this subsection the following words have the meanings
indicated.
(ii) 1. "Newly constructed dwelling" means residential real
property that has not been previously occupied since its construction and for which
the building permit for construction was issued on or after October 1, 1994.
2. "Newly constructed dwelling" includes a "vacant dwelling"
as defined in subsection (c)(1) of this section that has been rehabilitated in compliance
with applicable local laws and regulations and has not been previously occupied since
the rehabilitation.
(iii) "Homeowner" has the meaning stated in § 9-105(a)(3) of this
title.
(2) The Mayor and City Council of Baltimore City may grant, by law, a
property tax credit under this subsection against the county property tax imposed on
newly constructed dwellings that are owned by qualifying owners.
(3) A property tax credit granted under this subsection may not exceed
the amount of county property tax imposed on the real property, less the amount of
any other credit applicable in that year, multiplied by:
(i) 50% for the first taxable year in which the property qualifies for
the tax credit;
(ii) 40% for the second taxable year in which the property qualifies
for the tax credit;
(iii) 30% for the third taxable year in which the property qualifies
for the tax credit;
(iv) 20% for the fourth taxable year in which the property qualifies
for the tax credit;
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