St. Mary’s County Property Tax Challenge Program
LEONARDTOWN, MD – The County of St. Mary’s is seeking to stimulate and incentivize investment in commercial real estate and has announced a new program to provide tax relief to owners of commercial property.
The Property Tax Challenge supports renovations, rehabilitation and improvement of commercial real estate. Owners of commercial buildings in difficult areas who invest at least 10% of the estimated value of the property to 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, St. Mary’s County Commissioners approved this program. The commissioners hope to encourage revitalization and investment in the county’s commercial areas.
The Lexington Park Development District is a targeted area for county revitalization; however, projects located in downtown Charlotte Hall and downtown Leonardtown will also be considered. Many commercial building owners would like to improve their properties by renovating buildings, painting, improving facades, improving streetscape like 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 on the Property Tax Challenge program, please visit https://www.yesstmarysmd.com/doing-business-here/property-tax-challenge/.