A person who applies for an exemption under § 7–202 or § 7–204 of this subtitle for real property in Baltimore City may request that the exemption be applied retroactively for a period of up to 3 taxable years, ending with the taxable year in which the application is filed. Subject to subsection (c) of this section and notwithstanding any other provision of this article: the Department shall grant an exemption for all eligible taxable years to a person who requests a retroactive exemption under this section; and Baltimore City and the State shall pay a refund to the person for any excess taxes paid due to a retroactive exemption granted under this section. A retroactive exemption granted by the Department under this section: is subject to the review and approval of the Baltimore City Solicitor and Baltimore City Department of Finance; and may be granted only on a showing of good cause as to why the exemption was not applied for in a timely manner. On or before December 1, 2023, and each December 1 through December 1, 2027, the Baltimore City Department of Finance shall submit to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly a report that indicates: the number of requests for a retroactive exemption under this section that the Baltimore City Department of Finance received and approved during the immediately preceding year; and any amounts refunded for a retroactive exemption under this section.