[Adopted 10-28-2004 by Bill No. 9-04, effective 12-12-2004 (Ch. 182, Art. VII, of the 1984 Code)]
A.
Authority. This article is authorized under the provisions of § 9-302(k)
of the Tax-Property Article of the Annotated Code of Maryland (2001).
B.
Jurisdiction. This article shall apply in both the unincorporated
and incorporated areas of Allegany County.
C.
Applicability. An owner of real property located within Allegany
County may be eligible for a residential development tax credit to
be applied to the County tax imposed on real property after satisfying
the requirements of this article.
As used in this article, the following terms shall have the
meanings indicated:
Individuals related as husband, wife, mother, father, son,
daughter, brother, sister, stepparents, stepchildren, stepbrother
or stepsister, grandparent and grandchild.
A site-built or premanufactured structure, constructed in
conformance with the Maryland Building Performance Standard with local
amendments, arranged for the occupancy of one family per unit.
Person, partnership, LLC or corporation owning real property
in Allegany County, Maryland.
A lot arranged for the construction of a single-family dwelling
or a duplex unit.
A document prepared in accordance with the Allegany County
Code of Public Local Laws, Chapter 141, Part 1, Subdivision Regulations,
and other public laws of municipal corporations, graphically depicting
any land which is divided or proposed to be divided into one or more
new lots, parcels, sites or plots for the purpose of transfer, sale,
building development or resubdivision for the purpose of future residential
development.
A.
Subject to Subsection B and to regulations promulgated under this article, a property tax credit is available to property owners on undeveloped real property that is subdivided into five or more lots for purposes of future residential development.
B.
A property tax credit granted under Subsection A of this section shall equal 100% of the tax imposed on the increase in the assessment of unimproved real property when the property is first revalued following the subdivision of the property. The difference between the old and new assessed value shall serve as the maximum amount the County will recognize for any year the subject property is part of this tax credit program.
A.
Termination. The tax credit for individual lots shall cease upon
transfer.
B.
Recapture. In the event an owner sells or uses the property for a
purpose other than residential development as permitted under this
article, the County may compute the tax which would have been previously
due and payable. Such amount shall be immediately due and payable
to the County, and the County shall invoice the property owner said
amount. Interest shall accrue at the rate normally charged by the
County for delinquent taxes and shall begin to accrue 30 days from
the date of the invoice.
C.
Expiration. A tax credit granted under this article shall be valid
for a period of five years. The Allegany County Commissioners may
extend by resolution one additional five-year period. The maximum
available tax credit per subdivided lot under this program shall not
exceed 10 years.
The Board of County Commissioners of Allegany County, Maryland,
may promulgate and adopt regulations for the administration and enforcement
of this article's provisions.
