§ 8-228. Termination of rezoned real property designation and the residential use assessment
West's Annotated Code of MarylandTax-Property
MD Code, Tax - Property, § 8-228
§ 8-228. Termination of rezoned real property designation and the residential use assessment
(a) If a part of any rezoned real property is subdivided by a recorded plat, is used for a purpose other than a residential use, or is transferred to someone other than an immediate family member of the owner, the property ceases to be rezoned real property and the residential use assessment under this section and §§ 8-226 and 8-227 of this subtitle shall terminate and the Department shall value and assess the property in accordance with the provisions of Subtitle 1 of this title.
(b) If the residential use assessment is terminated under subsection (a) of this section, the homeowner who paid taxes based on the residential use assessment shall pay to the Department a penalty as calculated in subsection (c) of this section.
(c)(1) The penalty due is calculated based on the difference between the assessment of the property based on its residential use as rezoned real property and the assessment required under subsection (a) of this section multiplied by the sum of the State, county, and municipal tax rates for the current tax year.
Credits
Added by Acts 1990, c. 226; Acts 1990, c. 227.
MD Code, Tax - Property, § 8-228, MD TAX PROPERTY § 8-228
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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