2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 12-201 - Definitions

§12-201.

(a) In this subtitle the following words have the meanings indicated.

(b) “Adjusted assessable base” means the fair market value of real property that qualifies for a farm or agricultural use under § 8-209 of the Tax - Property Article, without regard to the agricultural use assessment for the property as of January 1 of the year preceding the effective date of the resolution creating the development district under § 12-203 of this subtitle.

(c) “Assessable base” means the total assessable base, as determined by the Supervisor of Assessments, of all real property subject to taxation in a development district.

(d) (1) “Assessment ratio” means a real property tax assessment ratio, however designated or calculated, that is used under applicable general law to determine the assessable base.

(2) “Assessment ratio” includes the assessment percentage specified under § 8-103(c) of the Tax - Property Article.

(e) “Bond” means a revenue bond, note, or other similar instrument issued in accordance with this subtitle by:

(1) a political subdivision; or

(2) the revenue authority of Prince George’s County.

(f) “Chief executive” means the president, chair, mayor, or other chief executive officer of a political subdivision or the revenue authority of Prince George’s County.

(g) “Development” includes new development, redevelopment, revitalization, and renovation.

(h) “Development district” means a contiguous area designated by a resolution.

(i) “Issuer” means a political subdivision or the revenue authority of Prince George’s County that issues a bond under this subtitle.

(j) “MEDCO obligation” means a bond, note, or other similar instrument that the Maryland Economic Development Corporation issues under authority other than this subtitle to finance the cost of infrastructure improvements located in or supporting a transit-oriented development or a State hospital redevelopment.

(k) “Original assessable base” means the assessable base as of January 1 of the year preceding the effective date of the resolution creating the development district under § 12-203 of this subtitle.

(l) “Original full cash value” means the dollar amount that is determined by dividing the original assessable base by the assessment ratio used to determine the original assessable base.

(m) “Original taxable value” means for any tax year the dollar amount that is:

(1) the adjusted assessable base, if an adjusted assessable base applies; or

(2) in all other cases, the lesser of:

(i) the product of multiplying the original full cash value by the assessment ratio applicable to that tax year; and

(ii) the original assessable base.

(n) “Political subdivision” means a county or a municipal corporation.

(o) “State hospital redevelopment” means any combination of private or public commercial, residential, or recreational uses, improvements, and facilities that:

(1) is part of a comprehensive coordinated development plan or strategy involving:

(i) property that was occupied formerly by a State facility, as defined in § 10-101 of the Health - General Article, or a State residential center, as defined in § 7-101 of the Health - General Article; or

(ii) property that is adjacent or reasonably proximate to property that was occupied formerly by a State facility, as defined in § 10-101 of the Health - General Article, or a State residential center, as defined in § 7-101 of the Health - General Article;

(2) in accordance with design development principles, maximizes use of the property by those constituencies it is intended to serve; and

(3) is designated as a State hospital redevelopment by:

(i) the Smart Growth Subcabinet established under § 9-1406 of the State Government Article; and

(ii) the local government or multicounty agency with land use and planning responsibility for the relevant area.

(p) “Tax increment” means for any tax year the amount by which the assessable base as of January 1 of the preceding tax year exceeds the original taxable value divided by the assessment ratio used to determine the original taxable value.

(q) “Tax year” means the period from July 1 of a calendar year through June 30 of the next calendar year.

(r) “Transit-oriented development” has the meaning stated in § 7-101 of the Transportation Article.