Maryland SB224 allows counties to establish a subclass and set a special rate for commercial and industrial property.

Maryland SB224 authorizes the Mayor and City Council of Baltimore City or the governing body of a county to establish a subclass of real property consisting of certain commercial and industrial property. It allows these entities to set a special property tax rate for this subclass to finance transportation improvements or the approved budget of the county board of education. The special rate is in addition to the general property tax rate. The bill requires the governing body to grant either an exemption or a credit against the special rate for the residential portion of a mixed-use property.

Maryland SB224 allows counties to establish a subclass and set a special rate for commercial and industrial property.

Maryland SB224 authorizes the Mayor and City Council of Baltimore City or the governing body of a county to establish a subclass of real property consisting of certain commercial and industrial property. It allows these entities to set a special property tax rate for this subclass to finance transportation improvements or the approved budget of the county board of education. The special rate is in addition to the general property tax rate. The bill requires the governing body to grant either an exemption or a credit against the special rate for the residential portion of a mixed-use property.