Authority. This Act is authorized under Section 7-248 of the Tax-Property Article of the Annotated Code of Maryland, which authorizes the governing body of a county to reduce or eliminate, by law, the percentage of the assessment of any qualified data center personal property used in a qualified data center that is subject to the County property tax that qualifies under this Section. Definitions. In this section, the following terms shall have the meanings indicated: "Qualified data center" shall have the meaning stated in Section 11-239 of the Tax-General Article of the Annotated Code of Maryland. "Qualified data center personal property" shall have the meaning stated in Section 11-239 of the Tax-General Article of the Annotated Code of Maryland. Exemption from Property Tax. Eligible Qualified Data Center Personal Property is subject to a partial or complete exemption from the County's personal property tax. The determination of the County's personal property tax exemption under this section shall be based on an evaluation that the qualified data center: Meets the requirements of this section; Will result in an overall net positive impact on county tax revenues and the Prince George's County economy; and Is in the best interests of the public. Eligibility and Amount of Property Tax Exemption. Projects with $200 million or more of investment and that create a total of 15 jobs or more may qualify for a 15-year personal property tax reduction in assessment as follows: Years one through five — up to 100% reduction in assessment in personal property tax; and Years six through ten — up to 50% reduction in assessment in personal property tax; Years eleven through fifteen — up to a 25% reduction in assessment in personal property tax. Projects with $50 million or more of investment and that create a total of five jobs or more may qualify for a 10-year tax personal property tax reduction in assessment as follows: Years one through five — up to 90% reduction in assessment in personal property tax; and Years six through ten — up to 40% reduction in assessment in personal property tax. Notice. The County Executive or the County Executive's designee shall notify the County Council in writing of the implementation on any reduction in assessment in personal property taxes for a qualified data center under this Section. Notice under this Subsection shall be submitted within 60 days of any agreement between Prince George's County and the developers or owners of any qualified data center to implement the provisions of this Section. Notice shall include: The name of the recipient; The number of jobs expected to be created, directly or indirectly, as a result of the construction and operation of the qualified data center; The amount and duration of the exemption granted; and The terms of any commitment for local minority business enterprises and local business enterprises in the construction and operation of the qualified data center.