Maryland legislation · 2026 Regular Session
Maryland HB1232: Baltimore City - Economic Development Project in Downtown RISE District - Payment in Lieu of Taxes
Status: Signed into law, April 14, 2026
Exempting an economic development project located in a certain area of downtown Baltimore City from Baltimore City property taxes if the owner of the economic development project and the Baltimore City Board of Estimates enter into a payment in lieu of taxes agreement and certain other requirements are met; and requiring by January 1 each year, the City of Baltimore to report to the City Council and the General Assembly an analysis of the economic development projects for which the City entered into a payment in lieu of taxes agreement.
What the bill says
A bill ENTITLED AN ACT concerning Baltimore City - Economic Development Project in Downtown RISE District - Payment in Lieu of Taxes FOR the purpose of exempting an economic development project located in a certain area of downtown Baltimore City from Baltimore City property taxes if the owner of the economic development project and the Baltimore City Board of Estimates enter into a payment in lieu of taxes agreement and certain other requirements are met; and generally relating to a payment in lieu of taxes agreement for an economic development project in downtown Baltimore City…
From the introduced text, February 12, 2026:
A BILL ENTITLED AN ACT concerning Baltimore City - Economic Development Project in Downtown RISE District - Payment in Lieu of Taxes FOR the purpose of exempting an economic development project located in a certain area of downtown Baltimore City from Baltimore City property taxes if the owner of the economic development project and the Baltimore City Board of Estimates enter into a payment in lieu of taxes agreement and certain other requirements are met; and generally relating to a payment in lieu of taxes agreement for an economic development project in downtown Baltimore City. BY adding to Article - Tax - Property Section 7-504.5 Annotated Code of Maryland (2019 Replacement Volume and 2025 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, That the Laws of Maryland read as follows: Article - Tax - Property 7-504.5. (A) IN THIS SECTION, "ECONOMIC DEVELOPMENT PROJECT" MEANS A REAL ESTATE DEVELOPMENT PROJECT THAT CONSISTS OF NEWLY CONSTRUCTED OR REHABILITATED COMMERCIAL OR MULTIFAMILY RESIDENTIAL PROPERTY IF THE REAL ESTATE DEVELOPMENT PROJECT: (1) EXISTS WITHIN THE DOWNTOWN RISE DISTRICT AS DESCRIBED EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW. [Brackets] indicate matter deleted from exist in g l aw . *hb1232* HOUSE BILL 1232 IN SUBSECTION (B) OF THIS SECTION; AND (2) INCLUDES AT LEAST ONE OF THE (II) AN OFFICE …