|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
CHAPTER 489
|
|
Ch. 489
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(House Bill 830)
AN ACT concerning
Municipal Local Revitalization Property Tax Credits - Rehabilitated Real
Property
FOR the purpose of authorizing the Mayor and City Council of Baltimore City or the
governing body of a county or of a municipal corporation to grant, by law, a
property tax credit for real property that is rehabilitated under regulations
adopted by the governing body; limiting the amount of the credit and the period
for which the credit may be granted; authorizing the Mayor and City Council of
Baltimore City or the governing body of a county or of a municipal corporation to
provide for the amount and duration of the property tax credit, subject to certain
limits; authorizing the Mayor and City Council of Baltimore City or the
governing body of a county or of a municipal corporation to limit eligibility for
the credit or otherwise provide additional requirements for eligibility or
additional limitations for the tax credit; and generally relating to enabling
authority for counties and municipal corporations to grant certain property tax
credit for credits for real property that is rehabilitated.
BY adding to
Article - Tax - Property
Section 9-236
Annotated Code of Maryland
(1994 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
9-236.
(A) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE GOVERNING
BODY OF A COUNTY OR OF A MUNICIPAL CORPORATION MAY GRANT, BY LAW, A
PROPERTY TAX CREDIT UNDER THIS SECTION AGAINST THE COUNTY OR MUNICIPAL
CORPORATION PROPERTY TAX IMPOSED ON REAL PROPERTY THAT IS
REHABILITATED UNDER REGULATIONS ADOPTED BY THE GOVERNING BODY.
(B) (1) A PROPERTY TAX CREDIT GRANTED UNDER THIS SECTION MAY NOT
EXTEND BEYOND THE FIRST 10 YEARS AFTER THE REHABILITATION IS COMPLETED.
(2) THE AMOUNT OF A TAX CREDIT GRANTED UNDER THIS SECTION MAY
NOT EXCEED THE PROPERTY TAX INCREASE ATTRIBUTABLE TO THE INCREASE IN
THE ASSESSMENT OF THE REAL PROPERTY OVER THE ASSESSMENT BEFORE THE
REAL PROPERTY IS REHABILITATED.
|
|
|
|
|
|
|
|
|
|
- 2583 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
