Pursuant to the authorization contained in Section
9-229, Tax-Property Article, Annotated Code of Maryland, Dorchester
County elects to participate in the Brownfields Revitalization Incentive
Program established under § 5-1408 of Article 83A, Annotated
Code of Maryland, and to provide a brownfields property tax credit
for the taxable year beginning July 1, 2002.
There is a Dorchester County Brownfields property
tax credit against the tax on real property of a qualified brownfields
site as defined in Subsection 5-1401 (o), Article 83A, Annotated Code
of Maryland, in an amount equal to 50% of the property tax attributable
to the increase in the assessment of the qualified brownfields site,
including improvements added to the site during the credit period,
over the assessment of the qualified brownfields site before the voluntary
cleanup or corrective action plan.
The credit shall apply in each of the five taxable
years immediately following the first revaluation of the property
after completion of a voluntary cleanup or corrective action plan
of a qualified brownfields site.
The credit is subject to the requirements and
limitations set forth in Section 9-229 of the Tax-Property Article,
Annotated Code of Maryland.
Pursuant to the requirement contained in Subsection
9-229(c)(2), Tax-Property Article, Annotated Code of Maryland, for
each year of the credit period, Dorchester County shall contribute
to the Maryland Economic Development Assistance Fund established under
Section 5-1404, Article 83A, Annotated Code of Maryland, an amount
equal to 30% of the property tax attributable to the increase in the
assessment of the qualified brownfields site during the credit period,
over the assessment of the qualified brownfields site before the voluntary
cleanup or corrective action plan.
Notwithstanding §
144-24 of this article, for a site located in an Enterprise Zone designed under Subtitle 4, Title 5, Article 83A, Annotated Code of Maryland, the credit shall apply in each of the five taxable years immediately following the revaluation of the property after completion of a voluntary cleanup or corrective action plan of a qualified brownfields site.
Overdue real property taxes imposed by Dorchester
County on a qualified brownfields site before the designation of the
site as a qualified brownfields site shall be abated, subject, however,
to the conditions set forth in specific resolutions adopted by the
County Commissioners of Dorchester County, overdue real property taxes
imposed by the State of Maryland on a qualified brownfields site before
the designation of the site as a qualified brownfields site shall
be abated.