LEONARDTOWN, MD – St. Mary’s County seeks to stimulate and incentivize investment in commercial real property and has announced a new program to provide tax relief to commercial property owners.
The Property Tax Challenge supports renovations, rehabilitation, and upgrades of commercial real property. Commercial property owners in challenged areas who invest at least 10% of the property’s assessed value at a minimum of $25,000 are eligible for this program! Those who qualify will not see an increase in their county property taxes for a minimum period of seven years
On Tuesday, May 4, 2021, the Commissioners of St. Mary’s County approved this program. The Commissioners hope to encourage revitalization and investments in the commercial areas of the county.
The Lexington Park Development District is a targeted area for revitalization in the county; however, projects located in Charlotte Hall Town Center and the Town of Leonardtown’s Downtown area will also be considered. Many commercial property owners would like to improve their properties by building renovation, painting, façade improvements, streetscape improvements such as landscaping and signage. This new program will provide some tax relief.
The St. Mary’s Department of Economic Development is currently accepting applications.
For more information about the Property Tax Challenge Program, please visit https://www.yesstmarysmd.com/doing-business-here/property-tax-challenge/.