(a) Definitions. In this section, the following words have the meanings indicated.
(1) "Conservation land" means real property that is:
(i) subject to a perpetual conservation easement donated to a land trust on or after July 1, 1991; or
(ii) acquired by a land trust on or after July 1, 1991; owned in fee by that land trust; and subject to a letter of intent, agreement, or option agreement for the resale of the property to a government agency.
(2) "Land trust" means a qualified conservation organization as defined in the Natural Resources Article, § 3-2A-01, of the State Code.
(b) Creation. There is a tax credit from County real property taxes levied on conservation land that is used to assist in the preservation of a natural area, for the environmental education of the public, generally to promote conservation, or for the maintenance of a natural area for public use or a sanctuary for wildlife.
(c) Time for filing application. An application for the tax credit created by this section shall be filed on or before June 1 immediately before the first taxable year for which the tax credit is sought. An application for continuation of the tax credit shall be filed on or before June 1 immediately before the taxable year for which continuation of the tax credit is sought. If the application is filed after June 1, the credit shall be disallowed that year but shall be treated as an application for a tax credit for the next succeeding taxable year.
(d) Form of application. An application for the tax credit or for continuation of the tax credit shall be submitted to the Controller on forms that the Office of Finance requires; be accompanied by proof that the property meets the definition of "conservation land" and other requirements set forth in this section; and be under oath, containing a declaration preceding the signature of the applicant to the effect that it is made under the penalties of perjury provided for by the Tax-Property Article, § 1-201, of the State Code.
(e) Review by Planning and Zoning. The Office of Planning and Zoning shall review each initial application for a tax credit and certify that the property qualifies for the credit. The Office of Planning and Zoning may review any application for continuation of the tax credit to verify that the property qualifies for a continuation of the tax credit.
(f) Calculation. The tax credit shall be calculated and credited based on the total taxable assessment on conservation land, not including improvements.
(g) Duration and termination. The tax credit shall be granted for a period of five taxable years after an application for the tax credit or for continuation of the tax credit is approved, so long as the property meets the definition of "conservation land" and meets the other requirements of this section. If the perpetual conservation easement on the real property is terminated, the property no longer meets the definition of "conservation land", or if the land trust sells the real property to a person other than a government agency, the property owner shall be liable for all property taxes that the property owner should have been liable for if the property tax credit had not been granted under this section and all interest and penalties on those taxes computed as provided under § 4-1-103.
(1985 Code, Art. 6, § 1-104.3) (Bill No. 52-94; Bill No. 17-00; Bill No. 20-00; Bill No. 66-03; Bill No. 23-04; Bill No. 48-10; Bill No. 22-16; Bill No. 69-16; Bill No. 17-20)