Ch. 583

1993 LAWS OF MARYLAND

(2) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY MAY GRANT,
BY LAW, A PROPERTY TAX CREDIT UNDER THIS SUBSECTION AGAINST THE COUNTY
PROPERTY TAX IMPOSED ON REAL PROPERTY THAT IS OWNED BY QUALIFYING
OWNERS OF VACANT DWELLINGS.                                         

(3)      A PROPERTY TAX CREDIT GRANTED UNDER THIS SUBSECTION MAY
NOT EXCEED THE AMOUNT OF COUNTY PROPERTY 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:

(I) 100% FOR THE FIRST TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;

(II)     80% FOR THE SECOND TAXABLE YEAR IN WHICH THE
PROPERTY QUALIFIES FOR THE TAX CREDIT;

(III)    60% FOR THE THIRD TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;

(IV) 40% FOR THE FOURTH TAXABLE YEAR IN WHICH THE
PROPERTY QUALIFIES FOR THE TAX CREDIT;

(V)     20% FOR THE FIFTH TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT; AND

(VI)    0% FOR EACH TAXABLE YEAR THEREAFTER.

(4)      OWNERS OF VACANT DWELLINGS MAY QUALIFY FOR THE TAX
CREDIT AUTHORIZED BY THIS SUBSECTION BY:

(I)       SUBSTANTIALLY REHABILITATING THE VACANT DWELLING IN
COMPLIANCE WITH THE CODE AND LAWS APPLIED TO DWELLINGS;

(II)     OCCUPYING THE DWELLING AFTER REHABILITATION AS
THEIR PRINCIPAL RESIDENCE; AND .

(III)    SATISFYING OTHER REQUIREMENTS AS MAY BE PROVIDED BY
THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY.

(5) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY MAY PROVIDE
FOR PROCEDURES NECESSARY AND APPROPRIATE FOR THE SUBMISSION OF AN
APPLICATION FOR AND THE GRANTING OF A PROPERTY TAX CREDIT UNDER THIS
SUBSECTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act may not be
construed to affect any local law in effect on the effective date of this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
January 1, 1994.

Approved May 27, 1993.

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