EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*sb0769*
SENATE BILL 769
Q2 4lr3432
CF HB 740
By: Frederick County Senators
Introduced and read first time: February 1, 2024
Assigned to: Budget and Taxation
A BILL ENTITLED
AN ACT concerning 1
Frederick County – Property Tax Credit for Property Located in Historic 2
District – Alterations 3
FOR the purpose of repealing certain requirements for the amount and duration of a tax 4
credit against the property tax imposed on certain improved real property owned by 5
a certain civic association and located in a historic district in Frederick County; 6
authorizing the governing body of Frederick County to provide, by law, for the 7
amount and duration of the credit and certain other matters relating to the credit; 8
and generally relating to a property tax credit in Frederick County for real property 9
located in a historic district. 10
BY repealing and reenacting, with amendments, 11
Article – Tax – Property 12
Section 9–312(b) 13
Annotated Code of Maryland 14
(2019 Replacement Volume and 2023 Supplement) 15
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 16
That the Laws of Maryland read as follows: 17
Article – Tax – Property 18
9–312. 19
(b) (1) The governing body of Frederick County shall grant a property tax 20
credit under this section against the county tax imposed on: 21
(i) real property that is owned by the Emmitsburg Civic Association, 22
Incorporated; and 23
(ii) real property on which an improvement is made to an existing 24 2 SENATE BILL 769
structure that is located in a historic district. 1
(2) [A property tax credit granted under paragraph (1)(ii) of this subsection 2
shall be: 3
(i) the following percentage of the increase that is due to the 4
improvement: 5
1. 100% of the increase in the assessment of the real property 6
in the 1st and 2nd taxable years that the improved structure is subject to the county 7
property tax; 8
2. 80% of the increase in the assessment of the real property 9
in the 3rd taxable year that the improved structure is subject to the county property tax; 10
3. 60% of the increase in the assessment of the real property 11
in the 4th taxable year that the improved structure is subject to the county property tax; 12
and 13
4. 40% of the increase in the assessment of the real property 14
in the 5th taxable year that the structure is subject to the county property tax; and 15
(ii) ended after the 5th taxable year that the improved structure is 16
subject to county property tax] THE GOVERNING BODY OF FREDERICK COUNTY MAY 17
PROVIDE, BY LAW, FOR: 18
(I) THE AMOUNT AND DURAT ION OF THE TAX CREDI T UNDER 19
THIS SUBSECTION ; 20
(II) ADDITIONAL ELIGIBILI TY CRITERIA FOR THE TAX CREDIT 21
UNDER THIS SUBSECTIO N; 22
(III) REGULATIONS AND PROC EDURES FOR THE APPLI CATION 23
AND UNIFORM PROCESSI NG OF REQUEST S FOR THE TAX CREDIT ; AND 24
(IV) ANY OTHER PROVISION NECESSARY TO CARRY O UT THE 25
CREDIT UNDER THIS SU BSECTION. 26
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect June 27
1, 2024, and shall be applicable to all taxable years beginning after June 30, 2024. 28