§ 1-1105
242 words·~1 min read·
/md/local-government/1-1105A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§1–1105.
(a)Subject to subsection
(c)of this section, a program shall require a property owner to repay a loan provided under the program through a surcharge on the owner’s property tax bill.
(b)Except for a surcharge authorized under subsection
(c)of this section, a county or municipality may not set a surcharge greater than an amount that allows the county or municipality to recover the costs associated with:
(1)issuing bonds to finance the loan; and
(2)administering the program.
(c)With the express consent of any holder of a mortgage or deed of trust on a commercial property that is to be financed through a loan to the commercial property owner under the program:
(1)a county or municipality may collect loan payments owed to a private lender or to the county or the municipality for a loan to a commercial property owner, and costs associated with administering the program, through a surcharge on the property owner’s property tax bill;
(2)an unpaid surcharge under this subsection shall be, until paid, a lien on the real property on which it is imposed from the date it becomes payable; and
(3)the provisions of Title 14, Subtitle 8 of the Tax – Property Article that apply to a tax lien shall also apply to a lien created under this subsection.
(d)A person who acquires property subject to a surcharge under this section assumes the obligation to pay the surcharge.