[Adopted 4-10-1995 by Ord.
No. 10-95 (Title 2, Ch. 3, Art. A, Sec. 2-3-3 of the 1980 Code)]
[Adopted 12-8-1997 by Ord.
No. 4-97 (Title 2, Ch. 3, Art. A, Sec. 2-3-4 of the 1980 Code)]
Pursuant to the authorization contained in § 9-229 of the
Tax Property Article of the Annotated Code of Maryland, the City of Taneytown,
Maryland, elects to participate in the Brownfields Revitalization Incentive
Program established under Title 3, Subtitle 9 of Article 83A of the Annotated
Code of Maryland and to provide a brownfields property tax credit for the
taxable year July 1, 1998.
There is a City of Taneytown brownfields property tax credit against
the tax on real property of a qualified brownfields site, as defined in § 3-901(d)
of Article 83A of the Annotated Code of Maryland, in an amount equal to 70%
of the property tax attributable to the increase in the assessment of the
qualified brownfields site, including improvements added to the site before
the voluntary cleanup or corrective action plan.
Pursuant to the requirement contained in § 9-229(e) of the
Tax-Property Article of the Annotated Code of Maryland, for each year of the
credit period, the City of Taneytown shall contribute to the Brownfields Revitalization
Incentive Fund under § 3-904 of Article 83A of the 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.