Financial Incentives

County Financing & Incentives

 

County Business Property Tax Incentive

 
The Garrett County Board of Commissioners, acting under the authority of legislation adopted by trhe State of Maryland, implemented the County Business Property Tax Incentive Program for new and expanding businesses in Garrett County for improvements reflected on tax bills after June 30, 2007. The new improvement must increase the tax assessment on the improvements to the property by at least $100,000 to qualify for the incentive.
 
The incentive takes the form of a tax credit against the County's portion of real property tax levied on the improvements to a business property for a period of five years, starting at 50% of the assessed value of the new improvements and decreasing by a factor of 10% each yar to 10% in the fifth and final year.
 
Interested businesses are required to complete an application and submit it to the Department of Economic Development.
 
For additional information, please contact Kim Durst at (301) 334-1992 or kdurst@garrettcounty.org.
 

Alternative Incentives

 
Garrett County may also offer alternative incentives to new and expanding businesses. These alternative incentives are considered on a case-by-case basis and require certain capital investment and job creation goals.