MD HB1232

Creates a "Downtown RISE District" in Baltimore City comprising specific precincts in Wards 4, 21, and 22, where qualifying economic development projects may receive full or partial exemption from city property taxes through payment in lieu of taxes (PILOT) agreements

Eligible projects include newly constructed or rehabilitated hotels, office buildings, retail facilities, multifamily residential properties, or mixed-use developments within the district

Requires the Baltimore City Board of Estimates to conduct an economic analysis demonstrating financial necessity before approving any PILOT agreement, with the agreement specifying annual payments to replace standard property taxes

Project owners must apply for the PILOT agreement, obtain building permits, and secure construction financing by June 30, 2036 to qualify

Mandates annual reporting to the Baltimore City Council President and Maryland General Assembly on each PILOT project, including job creation data, estimated tax revenue generated, and other economic benefits