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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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TAX - PROPERTY |
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TITLE 7. PROPERTY TAX EXEMPTIONS |
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SUBTITLE 5. COUNTY EXEMPTIONS -- OPTIONAL; PAYMENTS IN LIEU OF TAXES |
§ 7-509.1. Washington County -- Technology-related businesses.
Latest version.
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(a) In general. --
(1) The governing body of Washington County may enter into an agreement with the owner of a technology-related business that is located or locates in Washington County for a negotiated payment by the owner in lieu of taxes on personal property owned by the technology-related business.
(2) An agreement for a negotiated payment in lieu of taxes under this section shall provide that, for the term specified in the agreement:
(i) the owner shall pay to Washington County a specified amount each year in lieu of the payment of Washington County personal property tax; and
(ii) all or a specified part of the personal property of the technology-related business shall be exempt from Washington County personal property tax for the term of the agreement.
(b) Property exempted. -- As specified in an agreement for a negotiated payment in lieu of taxes under this section, for the term specified in the agreement, the personal property of a technology-related business that is located or locates in Washington County is exempt from Washington County personal property tax.