§ 6.04.260. Arts and Entertainment District—Tax credit.

A.

Pursuant to the authorization in Section 9-240 of the Tax-Property Article, a real property tax credit against the City of Annapolis property tax imposed on the assessment increase due to construction or renovation of an eligible building may be granted to qualifying property owners. The real property tax credit amount shall be the following percentage of the amount of property tax imposed on the eligible assessment of the property entitled to the credit:

(1)

One hundred percent in each of the first three taxable years after the calendar year when the property initially is entitled to the credit;

(2)

Seventy-five percent in the fourth and fifth taxable year;

(3)

Fifty percent in the sixth and seventh taxable year;

(4)

Twenty-five percent in the eighth and ninth taxable year;

(5)

Ten percent in the tenth taxable year; and

(6)

Zero percent after the tenth taxable year.

B.

The Director of Finance shall promulgate rules and regulations to implement this section of the City Code. All construction or renovation of an eligible building for purposes of this real property tax credit shall be properly documented and attested to on an application form approved by the Director of Finance. The qualifying property owner shall re-apply for this real property tax credit each City fiscal year.

C.

References in Section 6.04.260 to any section of the Annotated Code of Maryland shall mean that section as may be amended from time to time.

(Ord. No. O-28-18, § I, 7-23-2018)