HARRY HUGHES, Governor                                  2741

FOR the purpose of providing that certain real property
owners may not challenge certain data used for the
calculation of the tax assessment certain taxpayers may
not challenge certain valuations on the basis of the
capitalization of income method beyond the first level
of appeal unless certain data is provided.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 14(e)

Annotated Code of Maryland

(1980 Replacement Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) 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 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
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 use other appropriate methods to determine
correct expenses and/or depreciation. In case of the
failure of a taxpayer to file the income and expense
information after having been notified, the taxpayer may not
appeal the decision of an assessing authority in valuing the
property on the basis of the capitalization of income method
in lieu of any other method of valuation[.] AND MAY NOT
CHALLENGE THE ESTIMATED INCOME AND EXPENSE DATA UTILIZED BY
THE ASSESSING AUTHORITY IN CALCULATING THE ASSESSMENT THE
TAXPAYER MAY NOT CHALLENGE THE VALUATION ON THE BASIS OF THE
CAPITALIZATION OF INCOME METHOD BEYOND THE FIRST LEVEL OF
APPEAL, WHICH IS WITH A SUPERVISOR OF ASSESSMENTS OR THE
SUPERVISOR'S DESIGNATED REPRESENTATIVE, UNLESS THE TAXPAYER

PROVIDES THE APPROPRIATE INCOME AND EXPENSE DATA AT THAT

LEVEL OF APPEAL.