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Revitalization/Redevelopment tax credits encourage redevelopment and investment in inner-beltway communities of Prince George's County, based on CB-074-2012. The credits are available in all census tracts inside the Beltway where the median household income does not exceed the County's median. Eligible improvements to real property located within these districts shall be allowed a tax credit on County real property taxes. For the first tax year following the year in which the improvements are completed and assessed, non-residential improvements receive a tax credit for 100% of the amount of the County property tax imposed on the increased assessment. The tax credit is reduced to 80% in the second tax year, 60% in the third year, 40% in the fourth year, and 20% in the fifth year. Residential improvements for the first tax year following the year in which the improvements are completed and assessed, receive a tax credit of 100% of the amount of the County property tax imposed on the increased assessment. The tax credit is reduced to 66% in the second tax year, and 33% in the third year. The maximum amount of eligible residential improvements is $100,000 per dwelling unit. |