BLAIR LEE III,

Acting Governor

2869

      (A) "QUALIFIED REAL PROPERTY" MEANS REAL

PROPERTY;

(I) WHICH IS LISTED, SEPARATELY OR AS

PART OF A LISTED DISTRICT, IN THE NATIONAL REGISTER OF

HISTORIC PLACES; OR

(II) SUBSTANTIALLY ALL OF WHICH IS AND FOR
THE FIVE YEARS PRECEDING THE DATE OF THE DECEDENT'S DEATH

HAS BEEN DEVOTED TO ANY OF THE FOLLOWING USES:

(A) FARMING, INCLUDING PRODUCTION

OF AGRICULTURAL COMMODITIES AND RAISING OF LIVESTOCK;

(B) WOODLAND, INCLUDING USE FOR

COMMERCIAL PRODUCTION OF TREES AND FOR SCENIC AND

RECREATIONAL PURPOSES; OR

(C) OPEN SPACE.

(2) "QUALIFIED REAL PROPERTY" INCLUDES ANY

RESIDENTIAL BUILDING OR RELATED IMPROVEMENT THAT IS OCCUPIED

ON A REGULAR BASIS BY THE OWNER OR LESSEE OF THE REAL

PROPERTY OR BY A PERSON EMPLOYED TO OPERATE OR MAINTAIN THE

PROPERTY AND IMPROVEMENTS.

(3) "QUALIFIED REAL PROPERTY" INCLUDES ANY

ROAD, BUILDING, AND OTHER STRUCTURE AND IMPROVEMENT THAT IS

FUNCTIONALLY RELATED TO THE USES SPECIFIED IN PARAGRAPH

(1)(II) OF THIS SUBSECTION.

(B) ON ELECTION OF THE PERSONAL REPRESENTATIVE OF AN

ESTATE, THE VALUE OF QUALIFIED REAL PROPERTY THAT IS SUBJECT

DETERMINED, FOR NATIONAL REGISTER PROPERTY, BY THE USE AT

THE TIME OF DEATH AND, FOR OTHER QUALIFIED REAL PROPERTY, BY

THE VALUE OF THE PROPERTY FOR THE USE BY WHICH IT QUALIFIES

AS QUALIFIED REAL PROPERTY.

(A) IN VALUING REAL PROPERTY FOR THE PURPOSES OF THE
TAX IMPOSED BY THIS SUBTITLE, THE VALUATION OF REAL PROPERTY

AS FARMLAND SHALL BE, ON THE ELECTION OF THE PERSONAL

REPRESENTATIVE OF AN ESTATE, THE LAST RECORDED VALUATION AS

FARMLAND UNDER §19(B) OF THIS ARTICLE, PROVIDED THAT THE

REAL PROPERTY QUALIFIES FOR THE FARMLAND VALUATION FOR 5
YEARS BEFORE AND 5 YEARS AFTER DECEDENT'S DEATH.

(C)(B) AN ELECTION UNDER SUBSECTION (B) (A) OF
THIS SECTION SHALL BE FILED WITH THE REGISTER OF WILLS WHEN
THE TAX UNDER §§ 149 OR 150 IS PAID. THE ELECTION SHALL BE
IN THE FORM AND MANNER THAT THE COMPTROLLER SPECIFIES.

(D) (C) IF, WITHIN TWO 5 YEARS AFTER THE ELECTION
IS FILED, THE QUALIFYING USE SPECIFIED IN SUBSECTION
(A)(1)(II) OF THIS SECTION AS FARMLAND UNDER §19(B) OF THIS
ARTICLE IS DISCONTINUED, THE PROPERTY IS SUBJECT TO
ADDITIONAL TAX UNDER §§ 149 OR 150 OF THIS ARTICLE FOR THE
DIFFERENCE BETWEEN ITS VALUE AS QUALIFIED REAL PROPERTY AND