“Project Area” means the neighborhood preservation and stabilization demonstration project area designated by the Mayor in accordance with <cite data-doc="Md. Code" data-path="gtp|9-326">State Tax-Property Article § 9-326 </cite>for participation in a demonstration project for neighborhood preservation and stabilization. In accordance with § 9-326 of the State Tax-Property Article, a property tax credit is established against the property tax imposed on owner-occupied residential real property that is purchased on or after July 1, 1996, and on or before June 30, 2001, in the area designated as the neighborhood preservation and stabilization demonstration project area. The tax credit granted under this section applies only if, for the 12-month period immediately prior to purchasing the property, the applicant’s principal residence was neither in the project area nor in the corresponding area of Baltimore County, unless the applicant was not an owner of the property that was the applicant’s principal residence. To qualify for a tax credit under this section, an individual must apply for the credit:within 6 months after title to the property was transferred to the individual; or for property purchased before June 1, 1999, on or before December 1, 1999. The property tax credit shall equal:40% of the property tax for each of the first 5 taxable years after the purchase of the real property; 35% of the property tax for the 6th taxable year after the purchase of the real property; 30% of the property tax for the 7th taxable year after the purchase of the real property; 25% of the property tax for the 8th taxable year after the purchase of the real property; 20% of the property tax for the 9th taxable year after the purchase of the real property; 15% of the property tax for the 10th taxable year after the purchase of the real property; and 0% of the property tax for each subsequent taxable year. The property tax credit shall first apply to the taxable year beginning after the date of the purchase of the eligible real property. On an annual basis, the Director of Finance shall provide to each individual qualifying for the tax credit under this section a statement certifying qualification for the tax credit and the amount of the tax credit being granted. The statement may be provided on or with the annual property tax bill or in another manner chosen by the Director of Finance. Subject to Title 4 {“Administrative Procedure Act – Regulations”} of the <cite data-path="|general">City General Provisions Article</cite>, the Director of Finance may adopt rules and regulations to carry out the provisions of this section. Any person who makes a false statement for the purpose of obtaining a tax credit under this section is guilty of a misdemeanor and, on conviction, is subject to a fine of not more than $1,000 or imprisonment for not more than 6 months, or both. City Code, 1976/83, art. 28, §75F Ord. 96-049 Ord. 99-588 Text Conformed 02/25/21 By authority of Ordinance 20-431, Section 5, the Director of Legislative Reference, in consultation with the Law Department, has conformed this section to refer expressly to and reflect the requirements of the recently-enacted Administrative Procedure Act that, effective January 15, 2021, governs the proposal, adoption, and publication of administrative rules and regulations.