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Revitalization Tax Credit
Non-Residential
For the 1st year after improvements are completed and assessed, properties receive:
- Credit of 100% of the amount of the county property tax imposed on the increased assessment (e.g. the incremental value created by the improvements)
The tax credit is then reduced gradually as follows:
- Credit of 80% of the taxes on the increased assessment in year 2
- Credit of 60% of the taxes on the increased assessment in year 3
- Credit of 40% of the taxes on the increased assessment in year 4
- Credit of 20% of the taxes on the increased assessment in year 5
Residential
For the 1st year after improvements are completed and assessed, properties receive:
- Credit of 100% of the amount of the County property tax imposed on the increased assessment (i.e. the incremental value created by the improvements)
The tax credit is then reduced gradually as follows:
- Credit of 66% of the taxes on the increased assessment in year 2
- Credit of 33% of the taxes on the increased assessment in year 3
The maximum amount of eligible residential improvements is $200,000 per dwelling unit.
For more information, contact the Economic Development Corporation at 301-583-4650 and ask to speak with a Business Development Specialist.