1582

LAWS OF MARYLAND

Ch. 554

154.

[(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.

(b)    An election under subsection (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.

(c)    If, within 5 years after the election is filed,
the qualifying use 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 in
valuation after ceasing to be valued as farmland as defined
in § 19(b) of this article.

(d)    When any real property subject to a tax under
this subtitle ceases to be classified by the Department of
Assessments and Taxation as farmland for valuation purposes,
the Department shall report to the Comptroller any change in
valuation.]

(A)    FOR PURPOSES OF DETERMINING THE TAX IMPOSED BY
THIS SUBTITLE, ON ELECTION OF A PERSONAL REPRESENTATIVE OF
AN ESTATE, SURVIVING JOINT TENANT, OR OTHER PERSON
RESPONSIBLE FOR PAYMENT OF THE TAX, REAL PROPERTY SHALL BE
VALUED AS FOLLOWS:

(1)    REAL PROPERTY THAT QUALIFIED, UNDER § 19(B)
OR (D) OF THIS ARTICLE, AS FARMLAND OR WOODLAND FOR 5 YEARS
BEFORE THE DEATH OF THE DECEDENT SHALL BE VALUED AT ITS MOST
RECENT REAL PROPERTY ASSESSMENT PLUS ANY INFLATION
ALLOWANCE; AND

(2)    REAL PROPERTY THAT QUALIFIES AS NATIONAL
REGISTER PROPERTY THROUGH ITS LISTING IN THE NATIONAL
REGISTER OF HISTORIC PLACES, WHETHER AS A SEPARATE PROPERTY
OR AS A PART OF A LISTED DISTRICT, SHALL BE VALUED ON THE
BASIS OF ITS ACTUAL USE AT THE TIME OF THE DEATH OF THE
DECEDENT.

(B)    AN ELECTION UNDER SUBSECTION (A) OF THIS SECTION
SHALL BE FILED WITH THE REGISTER OF WILLS COINCIDENT WITH
THE FILING OF THE ADMINISTRATION ACCOUNT THAT AFFECTS
DISTRIBUTION OF THE QUALIFYING REAL PROPERTY OB, FOR
QUALIFYING REAL PROPERTY THAT IS NOT SUBJECT TO PROBATE,
COINCIDENT WITH THE FILING OF THE REPORT OR INVENTORY
REQUIRED TO BE FILED UNDER §§ 155 AND 169 OF THIS SUBTITLE,
RESPECTIVELY, WHICH REPORT OR INVENTORY SHALL CLEARLY SET
FORTH THE FAIR MARKET VALUE OF THE REAL PROPERTY REPORTED.
EACH ELECTION SHALL DESCRIBE THE QUALIFYING REAL PROPERTY IN