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§ 1-1415. State and local taxes

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2017

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division I. Definitions; General Provisions [Titles 1-3] (Refs & Annos)
Title 1. Definitions; General Provisions (Refs & Annos)
Subtitle 14. Establishment of Land Bank Authorities (Refs & Annos)
Effective: October 1, 2017
MD Code, Local Government, § 1-1415
Formerly cited as MD LOCAL GOVT § 5-415Formerly cited as MD CODE, Art. 23A, § 66
§ 1-1415. State and local taxes
Currentness
Exemption
(a) An authority is exempt from any State or local tax or assessment on the authority's properties or activities or on any revenue from the properties or activities.
Sale or lease of property to private entity
(b) Except as provided in subsection (d) of this section, property that an authority sells or leases to a private entity is subject to State and local property taxes from the time of the sale or lease.
Bonds
(c) The principal of and interest on bonds, the transfer of bonds, and any income derived from the bonds, including profits made on their sale or transfer, are exempt from all State and local taxes.
Sale or lease to nonprofit organization
(d) Sale or lease to a nonprofit organization, as defined in § 1-101 of the Housing and Community Development Article, is exempt from State and local property taxes from the time of sale or lease, if:
(1) the nonprofit organization has entered into an agreement with an authority to redevelop the property; and
(2) the agreement is in force and effect and not defaulted on within the application period.

Credits

Added as Local Government § 5-415 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1415 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017. Amended by Acts 2017, c. 618, § 2, eff. Oct. 1, 2017; Acts 2017, c. 619, § 2, eff. Oct. 1, 2017.
MD Code, Local Government, § 1-1415, MD LOCAL GOVT § 1-1415
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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