WILLIAM DONALD SCHAEFER, Governor

FOR the purpose of authorizing certain homeowners to claim a
credit against county, municipal corporation, or special
taxing district tax for residential property rezoned to be

commercial under certain circumstances; requiring the

Department of Assessments and Taxation to adopt certain

regulations providing for the administration of and

procedures for claiming the tax credit; specifying

restrictions on the credit; specifying the qualifications
for claiming the credit; providing for the termination of
the credit under certain circumstances; defining certain
terms; providing for the applicability of this Act; and
generally relating to a property tax credit for property
rezoned from residential to commercial property. altering
the criteria for revaluing certain real property;
establishing a subclass of real property for assessment
purposes; providing for the assessment of residential
property rezoned to be commercial or industrial under
certain circumstances; requiring the Department of
Assessments and Taxation to adopt certain regulations
providing for the administration of and procedures for
claiming the assessment; specifying restrictions on the
assessment; specifying the qualifications for claiming the
assessment; providing for the termination of the assessment
under certain circumstances; requiring a homeowner receiving
the assessment to pay to the Department of Assessments and
Taxation a certain amount under certain circumstances;
providing for the distribution of that payment; defining
certain terms; providing for the applicability of this Act;
providing for a delayed application date for a certain
taxable year; and generally relating to the assessment of
property rezoned from a residential to a commercial or
industrial classification.

BY repealing and reenacting, with amendments,

Article - Tax - Property
Section 8-101(b) and 8-104(c)(l)
Annotated Code of Maryland
(1986 Volume and 1988 Supplement)

BY adding to

Article - Tax - Property

Section 9-108 8-226 through 8,228, inclusive

Annotated Code of Maryland

(1986 Volume and 1988 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

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