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High Tech Real Property

Description: The HTPT was developed to encourage growth and development of existing high technology companies and to attract new high-technology companies. As used in this Section, "high technology" means any business entity, including a developer who enters into a lease agreement with a high technology governmental agency, that is primarily involved with the applications of engineering, life sciences, computer sciences, research and development, or produces materials, parts, or equipment used in the type of applications noted above. Eligible companies may receive a Real Property Tax Credit if they make at least a $500,000 investment in 5,000 square feet or more of real property that is newly constructed or substantially improved by, or for, them and create at least 10 new full-time positions over a period of three years. The Real Property Tax Credit is phased in over a five year-period, beginning with a 100% exemption on the increased assessment in year one; 80% in year two; 60% in year three; 40% in year four; and 20% in year five.

How Implemented: Each eligible business applies through the EDC for the tax credit. Upon review, each project is subject to approval by the County’s Finance Department.

Implementation Time: Implementation varies with each project and the timing needs of each project.

Contact: Ms Tina Miller-Schaeffer at the Office of Finance (301) 952-5833

Statutory Reference: CB-79-1998; CB-80-1998; CB-51-2001; CB-79-2004