Commercial Revitalization Tax Credit Bill 97-01 established a commercial revitalization program that allows taxpayers who revitalize their commercially or industrially zoned properties to receive a property tax credit for up to five years equal to the incremental increase in their real property tax assessment for improvements of at least $50,000. Properties must be located in one of the sixteen designated districts and certified by the Office of Planning and Zoning as a qualified property. The owner must apply to the County Controller for the revitalization credit within 45 days after the notice of assessment from the State Department of Assessments and Taxation. In addition to the County’s revitalization target areas there are a number of State of Maryland programs for business development, community legacy, and heritage areas. Neighborhood Business Development There are four State designated Neighborhood Business Development Program areas: Brooklyn Park, Glen Burnie Town Center, Odenton Growth Management Area and Deale. These areas are eligible for low interest State loans or grants and receive special consideration under other State programs. Community Legacy There are three State designated Community Legacy Areas within the County: Brooklyn Park, Parole and Severn/Odenton. The Community Legacy program is designed to assist urban neighborhoods and suburban communities that are experiencing decline and disinvestment but have the potential to be vibrant places to live and work. The program provides resources to revitalize these older areas of the County through housing rehabilitation, redevelopment and planning. Heritage Areas The Annapolis, London Town and South County Heritage Area is a State certified Heritage Area that runs along MD Route 50 from Sandy Point State Park to Maryland 2 southward to the Anne Arundel County Line at Herrington Harbor. Within the certified area there are four Target Investment Zones: West Street, Eastport, Mayo Road/Edgewater, and Deale. These have been designated as priority areas for private investment in businesses that serve the tourist market to increase economic activity. |