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Ch. 653
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2000 LAWS OF MARYLAND
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(V) 20% OF THE COUNTY PROPERTY TAX FOR THE 9TH TAXABLE
YEAR AFTER THE PURCHASE OF THE REAL PROPERTY;
(VI) 15% OF THE COUNTY PROPERTY TAX FOR THE 10TH TAXABLE
YEAR AFTER THE PURCHASE OF THE REAL PROPERTY; AND
(VII) 0% OF THE COUNTY PROPERTY TAX FOR EACH TAXABLE YEAR
THEREAFTER
(5) THE PROPERTY TAX CREDIT SHALL FIRST APPLY TO THE TAXABLE
YEAR BEGINNING AFTER THE DATE OF THE PURCHASE OF THE ELIGIBLE REAL
PROPERTY.
(6) THE GOVERNING BODY OF MONTGOMERY COUNTY MAY PROVIDE, BY
LAW, FOR ANY OTHER PROVISION NECESSARY TO CARRY OUT THE PROPERTY TAX
CREDIT UNDER THIS SUBSECTION.
(7) (I) THE COUNTY EXECUTIVE OF MONTGOMERY COUNTY SHALL
HOLD A PUBLIC HEARING PRIOR TO THE FINAL DESIGNATION OF THE GEOGRAPHIC
AREAS UNDER PARAGRAPH (2) OF THIS SUBSECTION.
(II) DESIGNATION OF GEOGRAPHIC AREAS SHALL BE MADE BY
REGULATION ADOPTED BY THE COUNTY EXECUTIVE AND APPROVED BY THE
COUNTY COUNCIL.
(III) A GEOGRAPHIC AREA MAY BE DESIGNATED WITHIN A
MUNICIPALITY ONLY WITH THE APPROVAL OF THE MUNICIPALITY'S GOVERNING
BODY
(8) THE MONTGOMERY COUNTY DEPARTMENT OF FINANCE SHALL
PROVIDE, ON AN ANNUAL BASIS TO THOSE INDIVIDUALS QUALIFYING FOR THE
PROPERTY TAX CREDIT UNDER THIS SUBSECTION, 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.
(9) IN ORDER TO BE ELIGIBLE FOR A PROPERTY TAX CREDIT UNDER
THIS SUBSECTION, AN INDIVIDUAL SHALL APPLY FOR THE CREDIT AT LEAST WITHIN
6 MONTHS AFTER THE TITLE TO THE RESIDENTIAL PROPERTY HAS BEEN
TRANSFERRED TO THE INDIVIDUAL.
(10) (I) THE PROPERTY TAX CREDIT GRANTED UNDER THIS
SUBSECTION TERMINATES ON THE SALE OF THE DWELLING UNIT RESIDENTIAL
REAL PROPERTY GRANTED THE CREDIT.
(II) A PROPERTY OWNER WHO PURCHASES A DWELLING UNIT
RESIDENTIAL REAL PROPERTY FOR WHICH THE PROPERTY TAX CREDIT HAS BEEN
TERMINATED UNDER THIS PARAGRAPH MAY APPLY FOR, AND MAY BE GRANTED, A
SEPARATE PROPERTY TAX CREDIT IF THE PROPERTY OWNER AND THE DWELLING
UNIT RESIDENTIAL REAL PROPERTY OTHERWISE MEET THE CONDITIONS OF THIS
SUBSECTION.
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- 3350 -
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