§ 11-2-107. NEIGHBORHOOD PRESERVATION AND STABILIZATION TAX CREDIT.

(a)

Established. In accordance with state law, there is a neighborhood preservation and stabilization property tax credit for individuals who purchase owner-occupied, residential real property from July 1, 1996 through June 30, 2005 in a contiguous geographic area as designated by the County Executive.

(b)

Eligibility. In order to qualify for the credit under this section, an individual may not for the 12-month period immediately preceding the purchase of a property, have the individual's principal residence located in the geographic area designated by the County Executive unless the individual was not an owner of the property that was the individual's principal residence.

(c)

Application. In order to qualify for the credit authorized by this section, each eligible individual shall apply to the Director within 6 months after the title to the residential property has been transferred to the individual.

(d)

Action of the Director. On verification that an applicant is eligible for the tax credit authorized by this section, the Director shall:

(1)

Issue to the applicant a certificate for the purpose of evidencing the applicant's eligibility;

(2)

Calculate the credit for each certified individual;

(3)

Show the credit on the property tax bill; and

(4)

Notify the State Comptroller of an individual's certified eligibility for the tax credit.

(e)

Amount of the credit.

(1)

The property tax credit shall equal:

(i)

40% of the county property tax for each of the first 5 taxable years after the purchase of real property;

(ii)

35% of the county property tax for the sixth taxable year after the purchase of the real property;

(iii)

30% of the county property tax for the seventh taxable year after the purchase of the real property;

(iv)

25% of the county property tax for the eighth taxable year after the purchase of the real property;

(v)

20% of the county property tax for the ninth taxable year after the purchase of the real property; and

(vi)

15% of the county property tax for the 10th taxable year after the purchase of the real property.

(2)

Beginning the 11th taxable year after the purchase of the real property and for each taxable year thereafter, there may be no property tax credit under this section.

(f)

Discontinuation.

(1)

The Director may discontinue the credit when a certified individual no longer meets the qualifications required by this section.

(2)

The Director shall notify the State Comptroller of the discontinuation of the tax credit.

(g)

Regulations. In accordance with Article 3, Title 7 of the Code, the Director may adopt regulations that the Director considers necessary to implement this section.

(1988 Code, § 33-40) (Bill No. 84-96, § 1, 7-1-1996; Bill No. 45-99, § 1, 7-1-1999; Bill No. 45-00, § 1, 7-1-2000; Bill No. 33-03, § 2, 7-1-2004)