BLAIR LEE III, Acting Governor                        2401

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 29, 1978.

CHAPTER 818

(Senate Bill 660)

AN ACT concerning

Real Property - Valuation of Income Producing Property

FOR the purpose of requiring permitting consideration of a
capitalization of income method of determining the
value of income producing real property for purposes of
real property assessment and taxation; requiring
submission of certain financial information by
taxpayers subject to this method of valuation; and
providing for failure of taxpayers to furnish this
information.

BY adding to

Article 81 - Revenue and Taxes

Section 14(e)

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 — Revenue and Taxes

14.

(E) IN DETERMINING THE VALUE OF REAL PROPERTY WHICH
PRODUCES INCOME, EXCEPT FOR AGRICULTURAL USE PROPERTY, ALL
ASSESSING AUTHORITIES SHALL MAY VALUE THE PROPERTY BY MEANS
OF THE CAPITALIZATION OF INCOME METHOD, IN ADDITION TO ANY
OTHER APPROPRIATE METHOD OF VALUING THE PROPERTY. THE
ASSESSING AUTHORITY SHALL NOTIFY ALL TAXPAYERS OF THIS
PROPERTY TO COMPLETE, UNDER THE PENALTY OF PERJURY, BY NOT
LATER THAN 30 DAYS AFTER THE DATE OF THE NOTICE JULY 15, AN
INCOME AND EXPENSE STATEMENT FOR THE PROPERTY, ON A FORM
PREPARED BY THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION. IN LIEU OF THE STATEMENT, THE ASSESSING AUTHORITY
MAY ACCEPT THE MOST RECENT ANNUAL INCOME AND EXPENSE
STATEMENT OF THE TAXPAYER WHEN IT IS VERIFIED AS TO ACCURACY
AND COMPLETENESS BY THE TAXPAYER UNDER PENALTY OF PERJURY.
UNDER EITHER METHOD, THE ASSESSING AUTHORITY NEED NOT ACCEPT
THE EXPENSES OR DEPRECIATION CLAIMED BY THE TAXPAYER AND MAY