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2934
LAWS OF MARYLAND
Ch. 769
(ii) not allowed after the 1st 4 taxable years
that the improved property is subject to property tax.
(3) THE AMOUNT OF A PROPERTY TAX CREDIT GRANTED UNDER
PARAGRAPH (1)(III) OF THIS SUBSECTION MAY NOT EXCEED 25% OF THE
COUNTY PROPERTY TAX DUE ON THE PROPERTY.
(4) THE GOVERNING BODY OF MONTGOMERY COUNTY SHALL
SPECIFY THE QUALIFICATIONS FOR ELIGIBILITY AND CONDITIONS OF
CERTIFICATION FOR THE TAX CREDIT UNDER PARAGRAPH (1)(III) OF THIS
SUBSECTION.
(b) (1) The governing body of Montgomery County or of a
municipal corporation in Montgomery County may grant, by law, a
property tax credit under this section against the county or
municipal corporation property tax imposed on:
[(1)] (I) real property that is:
[(i)] 1. a structure or project constructed or
substantially rehabilitated under § 8 of the United States
Housing Act of 1937 primarily for occupancy by elderly
individuals;
[(ii)] 2. receiving a rent subsidy; [and]
[(iii)] 3. operated on a nonprofit or limited
dividend distribution basis; and
4. A. LOCATED IN AN AREA DESIGNATED BY
THE GOVERNING BODY OF MONTGOMERY COUNTY OR OF THE MUNICIPAL
CORPORATION IN MONTGOMERY COUNTY AS A COMMERCIAL REVITALIZATION
DISTRICT; AND
B. ON APPLICATION OF THE PROPERTY OWNER,
CERTIFIED BY THE MONTGOMERY COUNTY DEPARTMENT OF HOUSING AND
COMMUNITY DEVELOPMENT OR THE MUNICIPAL CORPORATION DEPARTMENT
RESPONSIBLE FOR CERTIFICATION, WHICHEVER IS APPLICABLE, AS
MEETING THE QUALIFICATIONS FOR A TAX CREDIT PURSUANT TO THE
CRITERIA ESTABLISHED BY MONTGOMERY COUNTY OR A MUNICIPAL
CORPORATION IN MONTGOMERY COUNTY UNDER ITEM 3, OF THIS PARAGRAPH;
AND
[(2)] (II) personal property that is used to improve,
replace, or maintain a road, common area, or common facility that
is;
[(i)] 1. owned by a nonprofit organization that
is formed only to improve, replace, or maintain the road, common
area, or common facility;
[(ii)] 2. established under a town sector,
planned retirement community zone, or planned residential
community zone of an enacted county zoning ordinance; and
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