City of Cumberland Announces New Commercial Property Adaptive Reuse Tax Incentive Program
Applications are now available for the new City of Cumberland Commercial Adaptive Reuse Tax Incentive Program. The program will provide a real estate property tax credit equal to fifty percent of the total of qualifying expenditures for existing commercial structures within the corporate limits of Cumberland. Qualifying expenditures include those related to the costs for elevators, fire suppression systems, means of ingress or egress, or architectural/engineering services related to the installation or rehabilitation of these specific building features.
A minimum expenditure of $25,000 is required to participate in the incentive program. The tax credits will be distributed equally for a ten-year period and will expire following the tenth year. The amount of the tax credit applied cannot exceed the annual amount of real estate property taxes owed for each year. Property owners must receive all required permits and submit Part I of the application prior to the commencement of work.
For more information, please contact: Kathy McKenney, Department of Community Development, City of Cumberland, 57 North Liberty Street, Cumberland, MD 21502, 301-759-6431, 301-759-6432 (fax), firstname.lastname@example.org