Property Taxes - Authority of Counties to Establish a Subclass and Set a Special Rate for Commercial and Industrial Property

HB 23 allows counties and Baltimore City to create a special property tax rate for certain commercial and industrial properties, which must be in addition to existing taxes and cannot exceed specific limits. This special rate can only fund transportation projects (within designated districts) or county education budgets. The bill requires counties to automatically grant tax exemptions or credits for residential portions in mixed-use buildings and offers tax credits to small businesses (under 50 employees) owning qualifying commercial property. It directly affects commercial/industrial property owners, mixed-use building owners, and small businesses, while ensuring residential sections of buildings receive tax relief.