Maryland Code, TAX – PROPERTY 9-236
Terms Used In Maryland Code, TAX - PROPERTY 9-236
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) (1) A property tax credit granted under this section may not extend beyond the first 10 years after the rehabilitation is completed.
(2) The amount of a tax credit granted under this section may not exceed the property tax increase attributable to the increase in the assessment of the real property over the assessment before the real property is rehabilitated.
(c) The Mayor and City Council of Baltimore City or the governing body of a county or of a municipal corporation may, by law:
(1) subject to the limitations under subsection (b) of this section, provide for the amount and duration of a property tax credit granted under this section;
(2) limit eligibility for the credit to real property used for specified purposes or to real property located in designated revitalization areas; or
(3) otherwise provide additional requirements for eligibility or additional limitations for a tax credit granted under this section.