Property Tax Credit - Retail Service Station Conversions

SB 344 allows Baltimore City, Maryland counties, and municipalities to create a property tax credit for owners who convert a property from a retail service station (such as a gas station) to another use, including retail, residential, or mixed retail-residential space. The credit is intended to help cover costs for removing underground storage tanks and cleaning up contamination from the previous use. Local governments granting the credit will receive 50% of the lost property tax revenue from the state as reimbursement. The law takes effect on June 1, 2025, for taxable years beginning after June 30, 2025.