§ 9-268
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/md/tax-property/9-268A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§9–268.
(a)The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may grant, by law, a property tax credit against the county or municipal corporation property tax imposed on real property that is used for a hotel or residential development project that is newly constructed or involves substantial rehabilitation or revitalization of existing structures.
(b)To qualify for the credit under this section, a hotel shall substantially increase the assessed value of the property.
(c)To qualify for the credit under this section, a residential development project shall:
(1)include at least 20 residential units; and
(2)have at least 15% of all residential units within the development that are affordable to households earning less than 80% of the area median income.
(d)The Mayor and City Council of Baltimore City or the governing body of a county or of a municipal corporation may provide, by law, for:
(1)the amount and duration of the tax credit under this section;
(2)eligibility requirements for the tax credit;
(3)application procedures for the tax credit; and
(4)any other provision necessary to carry out this section.