Current with changes from the 2024 Legislative Session
Section 1-1105 - Surcharge required(a) Subject to subsection (c) of this section, a program shall require a property owner to repay a loan provided under the program through a surcharge on the owner's property tax bill.(b) Except for a surcharge authorized under subsection (c) of this section, a county or municipality may not set a surcharge greater than an amount that allows the county or municipality to recover the costs associated with: (1) issuing bonds to finance the loan; and(2) administering the program.(c) With the express consent of any holder of a mortgage or deed of trust on a commercial property that is to be financed through a loan to the commercial property owner under the program:(1) a county or municipality may collect loan payments owed to a private lender or to the county or the municipality for a loan to a commercial property owner, and costs associated with administering the program, through a surcharge on the property owner's property tax bill;(2) an unpaid surcharge under this subsection shall be, until paid, a lien on the real property on which it is imposed from the date it becomes payable; and(3) the provisions of Title 14, Subtitle 8 of the Tax - Property Article that apply to a tax lien shall also apply to a lien created under this subsection.(d) A person who acquires property subject to a surcharge under this section assumes the obligation to pay the surcharge.Amended by 2021 Md. Laws, Ch. 441,Sec. 1, eff. 10/1/2021.Amended by 2014 Md. Laws, Ch. 473,Sec. 1, eff. 10/1/2014.Amended by 2014 Md. Laws, Ch. 472,Sec. 1, eff. 10/1/2014.Revised and recodified by 2013 Md. Laws, Ch. 119,Sec. 2, eff. 10/1/2013.