780                                            LAWS OF MARYLAND                                      Ch. 171

(ii) an industrial development corporation; or
(iii) a private shippers association.

(2)  Under a formula that reduces the obligation
because of the property tax credit provided under this section, a
contract under paragraph (1) of this subsection shall include a
provision that obligates the county or municipal corporation, the
industrial development corporation, or the private shippers
association:

[1.] (I) to supplement the revenues of the
railroad company; or

[2.] (II) to contribute to the restoration or
maintenance of the operating property.

(3)  A property tax credit granted under this section
may be effective for the 3 fiscal years immediately before the
fiscal year for which the tax credit is sought.

(4)   [A] IN FREDERICK COUNTY A property tax credit
granted under this section shall continue from year to year until
the property is conveyed.

9-210.

(e) When a tax bill is sent to a taxpayer who is entitled
to a property tax credit under this section, the Mayor and City
Council of Baltimore CITY or the appropriate governing body shall
give notice of the property tax credit under this section to the
taxpayer.

9-302.

(c) (3) A property tax credit granted under paragraph
(l)(iii) of this subsection shall be:

(i) the following percentage of the increase
that is due to the improvement:

1.  100% of the increase in the assessment
of the real property in the 1st and 2nd taxable years that the
improved structure is subject to the county property tax;

2.  80% of the increase in the assessment
of the real property in the 3rd taxable year that the improved
structure is subject to the county property tax;

3.  60% of the increase in the assessment
of the real property in the 4th taxable year that the improved
structure is subject to the county property tax; AND