Tax credit can assist business owners and owners of vacant, blighted properties
Annapolis, MD – (January 22, 2013) – More
business and property owners undertaking the new construction or
improvement of commercial property in Anne Arundel County may soon be
able to apply for the county’s Community Revitalization Tax Credit. The current benefit
provides a property tax credit for up to five years equal to the
incremental increase in real property tax assessment for improvements of
at least $100,000 of assessed value to existing buildings located on
commercially or industrially zoned property in the county’s 16
designated revitalization districts. Legislation, which the county
council approved on January 7, expands the definition of qualified
properties to the new construction or improvement of commercial
properties and multifamily rental housing development with ten or more
units.
“This
tax credit can be a catalyst to spur on private investment in our
commercial districts,” said Anne Arundel County Executive John Leopold.
“It is also a great tool to decrease vacancies, help diminish blight and
enhance the county’s commercial corridors, especially those in long
established communities in north county.”
The
approved legislation also expanded the definition of a qualified
improvement to include new construction and the rehabilitation of a
property after the demolition of pre-existing improvements.
In
addition, property owners can receive a revitalization credit for an
additional five years if the improvement project is funded by at least
$10 million of private funds.
The
legislation also extended the amount of time a property owner has to
apply for the credit, from 45 to 120 days following the issuance of the
notice of assessment by the Maryland State Department of Assessments and
Taxation.
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