Howard County - Payment in Lieu of Taxes Agreements - Moderate Income Housing Ho. Co. 8-24

This bill allows property owners in Howard County to avoid paying county property taxes if they agree to maintain a specific number of housing units for moderate-income households that exceeds local zoning requirements. To ensure fairness and transparency, the County Executive must publish a clear formula on the county website for calculating the tax payment amount and must review and update this formula at least once every five years. The governing body is prohibited from entering into any such tax-exempt agreements unless the payment amount was calculated using the most recently published formula. These rules apply to all taxable years beginning after June 30, 2024.