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Session Laws, 2007
Volume 803, Page 1614   View pdf image
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2007 Laws of Maryland
Ch. 228
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) "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 that are owned by qualifying owners. (3) 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) Owners of newly constructed dwellings may qualify for the tax
credit authorized by this subsection by: (i) purchasing a newly constructed dwelling; (ii) occupying the newly constructed dwelling as their principal residence; (iii) filing a State income tax return during the period of the tax
credit as a resident of Baltimore City; and
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Session Laws, 2007
Volume 803, Page 1614   View pdf image
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