PARRIS N. GLENDENING, Governor                             Ch. 590

LOCATED IN EITHER OF THE TWO GEOGRAPHIC AREAS DESIGNATED UNDER THIS
SECTION, UNLESS THE INDIVIDUAL WAS NOT AN OWNER OF THE PROPERTY THAT
WAS THE INDIVIDUAL'S PRINCIPAL RESIDENCE; AND

(2) THE RESIDENTIAL REAL PROPERTY MUST HAVE BEEN PURCHASED IN
CONFORMANCE WITH THE GUIDELINES REGARDING GOVERNMENT HOUSING
ASSISTANCE PROGRAMS ESTABLISHED BY THE MAYOR AND CITY COUNCIL OF
BALTIMORE CITY AND THE GOVERNING BODY OF BALTIMORE COUNTY.

(B) (C) THE PROPERTY TAX CREDIT SHALL EQUAL:

(1)     40% OF THE COUNTY PROPERTY TAX FOR EACH OF THE FIRST 5
TAXABLE YEARS AFTER THE PURCHASE OF THE REAL PROPERTY;

(2)     35% OF THE COUNTY PROPERTY TAX FOR THE 6TH TAXABLE YEAR
AFTER THE PURCHASE OF THE REAL PROPERTY;

(3)     30% OF THE COUNTY PROPERTY TAX FOR THE 7TH TAXABLE YEAR
AFTER THE PURCHASE OF THE REAL PROPERTY;

(4)     25% OF THE COUNTY PROPERTY TAX FOR THE 8TH TAXABLE YEAR
AFTER THE PURCHASE OF THE REAL PROPERTY;

(5)     20% OF THE COUNTY PROPERTY TAX FOR THE 9TH TAXABLE YEAR
AFTER THE PURCHASE OF THE REAL PROPERTY;

(6)      15% OF THE COUNTY PROPERTY TAX FOR THE 10TH TAXABLE YEAR
AFTER THE PURCHASE OF THE REAL PROPERTY; AND

(7)     0% OF THE COUNTY PROPERTY TAX FOR EACH TAXABLE YEAR
THEREAFTER.

(C) (D) THE PROPERTY TAX CREDIT SHALL FIRST APPLY TO THE TAXABLE
YEAR BEGINNING AFTER THE DATE OF THE PURCHASE OF THE ELIGIBLE REAL
PROPERTY.

(D) (E) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY AND THE
GOVERNING BODY OF BALTIMORE COUNTY MAY PROVIDE, BY LAW, FOR ANY
OTHER PROVISION NECESSARY TO CARRY THE PROPERTY TAX CREDIT UNDER THIS
SECTION.

(F) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY AND THE
GOVERNING BODY OF BALTIMORE COUNTY SHALL HOLD A PUBLIC HEARING PRIOR
TO THE FINAL DESIGNATION OF THE GEOGRAPHIC AREA UNDER SUBSECTION (A)
OF THIS SECTION.

(G) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY AND THE
GOVERNING BODY OF BALTIMORE COUNTY SHALL PROVIDE, ON AN ANNUAL BASIS
TO THOSE INDIVIDUALS QUALIFYING FOR THE PROPERTY TAX CREDIT UNDER THIS
SECTION, A STATEMENT CERTIFYING QUALIFICATION FOR THE PROPERTY TAX
CREDIT AND THE AMOUNT OF THE PROPERTY TAX CREDIT BEING GRANTED. THE
STATEMENT MAY BE PROVIDED ON OR WITH THE ANNUAL PROPERTY TAX BILL OR
IN ANOTHER MANNER AS CHOSEN BY THE LOCAL GOVERNMENT.

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