Maryland Code, TAX – PROPERTY 9-209
Terms Used In Maryland Code, TAX - PROPERTY 9-209
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: means a county of the State or Baltimore City. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Oath: A promise to tell the truth.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) The property tax credit under this section shall be 100% of the county or municipal corporation property tax against the property described in subsection (a) of this section.
(c) (1) A property tax credit may be granted for any fiscal year that the railroad company provides freight service in the county or municipal corporation under a contract between the railroad company or its trustees and:
(i) the county or municipal corporation;
(ii) an industrial development corporation; or
(iii) a private shippers’ association.
(2) Under a formula that reduces the obligation because of the property tax credit provided under this section, a contract under paragraph (1) of this subsection shall include a provision that obligates the county or municipal corporation, the industrial development corporation, or the private shippers’ association:
(i) to supplement the revenues of the railroad company; or
(ii) to contribute to the restoration or maintenance of the operating property.
(3) A property tax credit granted under this section may be effective for the 3 fiscal years immediately before the fiscal year for which the tax credit is sought.
(4) In Frederick County a property tax credit granted under this section shall continue from year to year until the property is conveyed.
(d) The Mayor and City Council of Baltimore City or the appropriate governing body may adopt regulations necessary to carry out this section.
(e) The Mayor and City Council of Baltimore City or each governing body shall designate the administrative unit or official to administer the property tax credit granted under this section.
(f) When a tax bill is sent to a taxpayer who is entitled to a property tax credit under this section, the Mayor and City Council of Baltimore City or the appropriate governing body shall give notice of the property tax credit under this section to the taxpayer.
(g) (1) Except in Frederick County, if a taxpayer fails to apply for a property tax credit under this section on or before October 1 of each taxable year, the property tax credit may not be granted.
(2) In Frederick County, a taxpayer may apply for a property tax credit under this section on or before October 1 of the taxable year.
(3) A taxpayer shall state under oath that the facts in the application are true.