(a) Subject to subsection (b) of this section, the governing body of a county or municipal corporation shall grant a property tax credit under this section against the applicable county or municipal property tax imposed on vehicles valued as stock in business in an amount equal to:
(1) for the taxable year beginning July 1, 1990, 25% of the tax imposed on those vehicles; and
(2) for the taxable year beginning July 1, 1991 and each taxable year thereafter, 50% of the tax imposed on those vehicles.
(b) In addition to the property tax credit required under subsection (a) of this section, for the taxable year beginning July 1, 2019, and each taxable year thereafter, the governing body of a county or municipal corporation may grant a property tax credit under this section against the applicable county or municipal property tax imposed on vehicles valued as stock in business in an amount up to 100% of the tax imposed on those vehicles.
(c) In addition to the property tax credit required under subsection (a) of this section, the governing body of a county or municipal corporation shall grant a property tax credit under this section against the applicable county or municipal property tax imposed on vehicles valued as stock in business in an amount equal to any increase in property tax resulting from an increase in the percent of assessment over the percent of assessment which was in effect for fiscal year 1989.
Structure Maryland Statutes
Title 9 - Property Tax Credits and Property Tax Relief
Subtitle 1 - Statewide Mandatory
Section 9-101 - Elderly or Disabled Homeowners
Section 9-102 - Elderly or Disabled Renters
Section 9-103 - Enterprise Zones
Section 9-103.1 - Regional Institution Strategic Enterprise Zone Property
Section 9-104 - Homeowners' Tax Credits; Disabled Veterans
Section 9-105 - Homestead Property Tax Credit
Section 9-106 - Ruritan International
Section 9-107 - Conservation Property
Section 9-108 - Vehicles Valued as Stock in Business