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ROBERT L. EHRLICH, JR., Governor
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Ch. 457
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CHAPTER 457
(Senate Bill 67)
AN ACT concerning
Property Tax - Valuation - Affordable Housing Low Income Housing Tax
Credit Projects
FOR the purpose of creating a certain new subclass of real property for property tax
assessment purposes; requiring a supervisor valuing certain commercial real
property financed by a federal or state affordable housing program to consider
the impact of certain rent restrictions, certain affordability requirements, or
certain related restrictions required by certain federal or state programs certain
provisions of federal law and certain federal, state, or local programs;
prohibiting a supervisor from valuing certain commercial real property financed
by a federal or state affordable housing program from considering certain
federal income tax credits as income attributable to certain commercial real
property and from considering certain replacement cost of certain commercial
real property; authorizing a supervisor to consider the replacement cost of
certain commercial real property under certain circumstances; and generally
relating to the valuation of certain commercial real property used as affordable
housing developed under a certain section of the Internal Revenue Code,
BY repealing and reenacting, without amendments,
Article - Tax - Property
Section 8-101(a)
Annotated Code of Maryland
(2001 Replacement Volume and 2004 Supplement)
BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 8-101(b) and 8-105
Annotated Code of Maryland
(2001 Replacement Volume and 2004 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
8-101.
(a) For assessment purposes, property shall be divided into classes and
subclasses.
(b) Real property is a class of property and is divided into the following
subclasses:
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