(A) Pursuant to the authorization contained in Md. Code Ann., Tax-Property Article, § 9-229, the county elects to participate in the Brownfields Revitalization Incentive Program established under Md. Code Ann., Economic Development Article § 5-335, and to provide a Brownfields property tax credit for the taxable year beginning July 1, 2002.
(B) There is a Frederick County Brownfields property tax credit against the tax on real property of a qualified Brownfields site as defined in Md. Code Ann., Economic Development Article § 5-301, in an amount equal to 50% of the property tax attributable to the increase in the assessment of the qualified Brownfields site, including improvements added to the site during the credit period, over the assessment of the qualified Brownfields site before the voluntary cleanup or corrective action plan.
(C) The credit shall apply in each of the 5 taxable years immediately following the first revaluation of the property after completion of a voluntary cleanup or corrective action plan of a qualified Brownfields site.
(D) The credit is subject to the requirements and limitations set forth in Md. Code Ann., Tax-Property Article, § 9-229.
(E) Pursuant to the requirement contained in Md. Code Ann., Tax-Property Article, § 9-229(C)(2), for each year of the credit period, the county shall contribute to the Maryland Economic Development Assistance Fund established under Md. Code Ann., Economic Development Article § 5-310, 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.
(Ord. 02-09-305, 4-23-2002; Ord. 14-23-678, 11-13-2014)