|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Martin O'Malley, Governor
|
|
|
|
|
S.B. 224
|
|
|
|
|
|
|
|
|
|
|
BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 9-304(d)
Annotated Code of Maryland
(2001 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
9-304.
(d) (1) (i) In this subsection the following words have the meanings
indicated.
(ii) 1. "Newly constructed dwelling" means residential real
property that has not been previously occupied since its construction and for which the
building permit for construction was issued on or after October 1, 1994.
2. "Newly constructed dwelling" includes a "vacant
dwelling" as denned 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;
|
|
|
|
|
|
|
|
- 4183 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
![clear space](../../../images/clear.gif) |