|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2002 LAWS OF MARYLAND
|
|
|
|
|
|
Ch. 493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. "Newly constructed dwelling" includes a "vacant dwelling"
as defined in subsection (c)(1) of this section that has been rehabilitated in compliance
with applicable local laws and regulations and has not been previously occupied since
the rehabilitation.
(iii) "First purchased dwelling" means owner occupied residential
real property that to the first residence owned or purchased in Baltimore City by the
applicant for a property tax credit granted under this subsection.
(iv) (III) "Homeowner" has the meaning stated in § 9-105(a)(3) of
this title.
(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
newly constructed dwellings or first purchased dwellings that are owned by
qualifying owners.
(3) Except as provided in paragraph (4) of this subsection, a A property
tax credit granted under this subsection may not exceed the amount of county
property tax imposed on the real property, less the amount of any other credit
applicable in that year, multiplied by:
(i) 50% for the first taxable year in which the property qualifies for
the tax credit;
(ii) 40% for the second taxable year in which the property qualifies
for the tax credit;
(iii) 30% for the third taxable year in which the property qualifies
for the tax credit;
(iv) 20% for the fourth taxable year in which the property qualifies
for the tax credit;
(v) 10% for the fifth taxable year in which the property qualifies for
the tax credit; and
(vi) 0% for each taxable year thereafter.
(4) The Mayor and City Council of Baltimore may grant a property
tax credit for any newly-constructed dwelling for which a building permit was issued
on or after July 4, 1994 but before October 1, 1994; provided that an application for a
property tax credit is submitted on or before August 31, 1998.
(ii) Subject to the limitations imposed under subparagraph (i) of
this paragraph, a property tax credit granted under this subsection may not exceed
the amount of county property tax imposed on the real property, less the amount of
any other credit applicable in that year, multiplied by:
1. 30% for the taxable year beginning after June 30, 1998;
2. 20% for the taxable year beginning after June 30, 1999;
|
|
|
|
|
|
|
|
|
|
- 3884 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
