Pursuant to Maryland Code Annotated, Tax-Property Article,
§ 9-229, the Town of Denton hereby 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 qualified brownfields sites the taxable year beginning July
1, 2007.
The Town shall have the authority to submit to the State
Department of Business and Economic Development a list of potential brownfield
sites. For any qualified brownfields site [as defined in Maryland Code Annotated,
Article 83A, § 5-1401(t)], which has been designated as such by
the State Department of Business and Economic Development, located within
the Town of Denton, there shall be a Denton brownfields property tax credit
against the tax on the real property 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 the 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.
Pursuant to the requirement set forth in Maryland Code
Annotated, Tax-Property Article, § 9-229(c), for each year of the
credit period, Denton shall contribute to the Maryland Economic Development
Assistance Fund 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.
Overdue real property taxes imposed by the Town of Denton
on a qualified brownfields site before the designation of the site as a qualified
brownfields site shall be abated.