|
Ch. 583 1993 LAWS OF MARYLAND
improved residential real property that was previously vacant authorizing the Mayor
and City Council of Baltimore City to grant a property tax credit against the
property tax imposed on certain vacant dwellings; providing for the computation of
the tax credit; authorizing the Mayor and City Council to provide for certain
procedures; providing for a delayed effective date; and generally relating to a property
tax credit for certain residential property in Baltimore City.
BY adding to
Article - Tax - Property
Section 9-109 9-304(c)
Annotated Code of Maryland
(1986 Volume and 1992 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
9-109.
(A) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE
GOVERNING BODY OF A COUNTY OR OF A MUNICIPAL CORPORATION SHALL
GRANT, BY LAW, A PROPERTY TAX CREDIT AGAINST THE COUNTY OR MUNICIPAL
CORPORATION PROPERTY TAX IMPOSED ON RESIDENTIAL REAL PROPERTY THAT:
(1) WAS NOT LAWFULLY OCCUPIED FOR AT LEAST 1 YEAR BEFORE
SUBSTANTIAL IMPROVEMENTS WERE MADE TO THE PROPERTY;
(2) HAS BEEN SUBSTANTIALLY IMPROVED;
(3) CONTAINS NO MORE THAN FOUR DWELLING UNITS;
(4) IS THE PRIMARY RESIDENCE OF THE OWNER OF THE PROPERTY
AFTER THE IMPROVEMENTS ARE MADE; AND
(5) IS REASSESSED AT HIGHER VALUE AFTER THE IMPROVEMENTS ARE
MADE.
(B) WHEN THE OWNER OF RESIDENTIAL REAL PROPERTY THAT QUALIFIES
FOR A TAX CREDIT UNDER SUBSECTION (A) OF THIS SECTION RECEIVES AN
OCCUPANCY PERMIT, THE OWNER SHALL BE GRANTED A TAX CREDIT AS PROVIDED
IN SUBSECTION (C) OF THIS SECTION.
(C) SUBJECT TO SUBSECTION (D) OF THIS SECTION, A TAX CREDIT UNDER
THIS SECTION SHALL EQUAL THE AMOUNT OF COUNTY OR MUNICIPAL
CORPORATION TAX IMPOSED ON THE INCREASED VALUE OF THE RESIDENTIAL
REAL PROPERTY THAT IS DUE TO THE IMPROVEMENTS MADE TO THE PROPERTY
IMMEDIATELY BEFORE THE OCCUPANCY PERMIT WAS ISSUED, MULTIPLIED BY:
(1) 100% FOR THE FIRST TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;
- 2884 -
|
