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LAWS OF MARYLAND

Ch. 622

(II.) ACCEPTED AND APPROVED BY THE BOARD OF
PUBLIC WORKS ON OR AFTER JULY 1, 1986 AFTER JUNE 30, 1986.

(B)  THERE SHALL BE A PROPERTY TAX CREDIT GRANTED UNDER THIS
SECTION AGAINST THE PROPERTY TAX IMPOSED ON CONSERVATION
PROPERTY.

(C)  ON OR BEFORE OCTOBER 1 OF THE TAXABLE YEAR FOR WHICH
PROPERTY TAX RELIEF UNDER THIS SECTION IS SOUGHT, AN OWNER OF
CONSERVATION PROPERTY MAY APPLY TO THE DEPARTMENT FOR THE
PROPERTY TAX CREDIT. THE APPLICATION SHALL BE MADE ON THE FORM
THAT THE DEPARTMENT PROVIDES.

(D)  THE PROPERTY TAX CREDIT PROVIDED UNDER THIS SECTION
SHALL BE GRANTED AGAINST 100% OF ALL PROPERTY TAX THAT OTHERWISE
WOULD BE DUE.

(E)  VALUATION AND ASSESSMENT OF CONSERVATION PROPERTY SHALL
BE MADE IN THE SAME MANNER AS ANY OTHER REAL PROPERTY IN THE
COUNTY.

(F)  A PROPERTY TAX CREDIT GRANTED UNDER THIS SECTION IS
EFFECTIVE FOR 15 CONSECUTIVE TAX YEARS BEGINNING JULY 1 FOLLOWING
THE DONATION OF THE EASEMENT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.

Approved May 13, 1986.

CHAPTER 622

(Senate Bill 341)

AN ACT concerning

Creation of a State Debt - Comprehensive Flood
Management Loan of 1986

FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,500,000, the proceeds to be used for the
Comprehensive Flood Management Grant Program; and providing
generally for the issuance and sale of bonds evidencing the
loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1) The Board of Public Works may borrow money and incur
indebtedness on behalf of the State of Maryland through a State