MARVIN MANDEL, Governor

2857

AN ACT concerning

Residential Real Property — Assessment
of Improvements

FOR the purpose of providing [[that the valuation or
assessment to residential real property may not be
increased because of the construction of certain
improvements,]] for the manner of assessing and
valuing certain improvements to residential real
property [[and certain storage tanks]] for purposes
of property taxation.

BY adding to

Article 81 — Revenue and Taxes

Section 19[[ (a) (9) and]] (g)

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That new [[Section 19(g) be and it is]]

[[sections 19(a)(9) and (g) be and they are]] Section

19(g) be and it is hereby added    to Article 81 — Revenue

and Taxes, of the Annotated Code of Maryland (1969

Replacement Volume and 1974 Supplement) to read as
follows:

Article 81 — Revenue and Taxes

19.

[[A)]]

[[(9) TANKS OR STRUCTURES USED FOR STORAGE
WHICH ARE LOCATED AT A FIXED PLACE AND ARE INTENDED FOR
PERMANENT USE ARE VALUED AND ASSESSED AS IMPROVEMENTS TO
REAL PROPERTY AND ARE NOT VALUED AND ASSESSED AS PERSONAL
PROPERTY.]]

[[(G) THE ASSESSMENT OR VALUATION OF ANY RESIDENTIAL
REAL PROPERTY MAY NOT BE INCREASED BECAUSE OF THE
CONSTRUCTION OF IMPROVEMENTS ON THAT PROPERTY WHICH
REPLACE SIMILAR IMPROVEMENTS WHICH WERE DAMAGED OR
DESTROYED BY FLOOD, FIRE, STORM, WIND, OR ANY OTHER FORCE
OF NATURE.]]

(G) THE ASSESSMENT OF RESIDENTIAL REAL PROPERTY
DAMAGED OR DESTROYED BY FLOOD, FIRE, STORM OR ANY SUDDEN
FORCE OF NATURE SHALL NOT BE INCREASED WHEN THE PROPERTY
IS RESTORED OR REPLACED. IF THE PROPERTY IS COMPARABLE IN
VALUE TO THE PROPERTY DAMAGED OR LOST AS A RESULT OF THE