Section 9-268 - Property newly constructed or involves substantial rehabilitation or revitalization of existing structures(a) The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may grant, by law, a property tax credit against the county or municipal corporation property tax imposed on real property that is used for a hotel or residential development project that is newly constructed or involves substantial rehabilitation or revitalization of existing structures.
(b) To qualify for the credit under this section, a hotel shall substantially increase the assessed value of the property . (c) To qualify for the credit under this section, a residential development project shall: (1) include at least 20 residential units; and(2) have at least 15% of all residential units within the development that are affordable to households earning less than 80% of the area median income.(d)The Mayor and City Council of Baltimore City or the governing body of a county or of a municipal corporation may provide, by law, for: (1) the amount and duration of the tax credit under this section;(2) eligibility requirements for the tax credit;(3) application procedures for the tax credit; and(4) any other provision necessary to carry out this section.Added by 2024 Md. Laws, Ch. 150,Sec. 1, eff. 6/1/2024, app. to all taxable years beginning after June 30, 2024.Added by 2024 Md. Laws, Ch. 149,Sec. 1, eff. 6/1/2024, app. to all taxable years beginning after June 30, 2024.This section is set out more than once due to postponed, multiple, or conflicting amendments.