S.B. 689                                                  VETOES

2. used only for the mutual benefit of the members of the bona
fide labor union; and

3. except as provided in paragraph (2) of this subsection, not
used for profit;

(ii) real property that is:

1. owned by a religious organization;

2. leased to the La Vale Athletic Association;

3. located in La Vale; and

4. used only to conduct athletic and recreational programs for
youth; [and]

(iii) real property on which improvements are made to a structure that
the governing body of Allegany County has certified to be historically or architecturally
significant; AND

(IV) REAL PROPERTY THAT IS:

1. OWNED BY THE GREATER CUMBERLAND CHAMBER OF
COMMERCE;

2. KNOWN AS THE BELL TOWER BUILDING; AND

3. LOCATED IN CUMBERLAND, MARYLAND.

(2) Any property under paragraph (1)(i) of this subsection that is
commercially rented is taxable to the extent of the commercial use of the property.

(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

4. 40% of the increase in the assessment of the real property in
the 5th taxable year that the improved structure is subject to the county property tax; and

(ii) ended after the 5th taxable year that the improved structure is
subject to county property tax.

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