Sec. 10-237. Tax credit for open spaces; amounts

A tax credit is permitted to the owner of any land, excluding improvements, which is determined to be an "open space" or "open area" as defined by Section 5-1201, Natural Resources Article, Annotated Code of Maryland, or meets the minimum criteria set out in Section 10-241 and which land is subject to a scenic easement, created by the owner or his predecessors in title. Such tax credit shall be computed by the Director of Finance to the extent of fifty percent (50%) of the taxes levied by the Council upon the value of land assessment, excluding improvements, which levy is made to appropriate the general funds of the County.

A tax credit of one hundred percent (100%) is granted applicable to the tax on any land characterized as an "open space" or "open area" which has been made the subject of an option agreement (containing such provisions as may be deemed necessary by the grantee to preserve the land in a natural state or condition) whereby the owner agrees to sell or convey the subject property to any local County, State or Federal government or the Maryland-National Capital Park and Planning Commission in fee simple within a fixed period of time, not exceeding twenty (20) years, at a price less than or equivalent to the fair market value at the time of the execution of the option.