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Ch. 457 2005 LAWS OF MARYLAND
(1) land that is actively devoted to farm or agricultural use, assessed
under § 8-209 of this title;
(2) marshland, assessed under § 8-210 of this title;
(3) woodland, assessed under § 8-211 of this title;
(4) land of a country club or golf course, assessed under §§ 8-212
through 8-217 of this title;
(5) land that is used for a planned development, assessed under §§ 8-220
through 8-225 of this title;
(6) rezoned real property that is used for residential purposes, assessed
under §§ 8-226 through 8-228 of this title;
(7) operating real property of a railroad;
(8) operating real property of a public utility; [and]
(9) PROPERTY VALUED UNDER § 8-105(A)(3) OF THIS SUBTITLE; AND
(10) all other real property that is directed by this article to be assessed.
8-105.
(a) (1) Except for land that is actively devoted to farm or agricultural use,
the supervisor:
(i) may value income producing real property by using the
capitalization of income method or any other appropriate method of valuing the real
property; and
(ii) shall consider an income method in valuing income producing
commercial real property.
(2) For income producing single-family residential real property, the
supervisor may value the property by using the same methods that are used for
single-family residential real property that is owner-occupied.
(3) IN DETERMINING THE VALUE OF COMMERCIAL REAL PROPERTY
FINANCED BY A FEDERAL OR STATE AFFORDABLE HOUSING PROGRAM DEVELOPED
UNDER § 42 OF THE INTERNAL REVENUE CODE, THE SUPERVISOR:
(I) SHALL CONSIDER THE IMPACT OF APPLICABLE RENT
RESTRICTIONS, AFFORDABILITY REQUIREMENTS, OR ANY OTHER RELATED
RESTRICTIONS REQUIRED BY THE FEDERAL OR STATE PROGRAMS; AND § 42 OF THE
INTERNAL REVENUE CODE AND ANY OTHER FEDERAL, STATE, OR LOCAL PROGRAMS;
(II) MAY NOT CONSIDER;
1. INCOME TAX CREDITS UNDER § 42 OF THE INTERNAL
REVENUE CODE AS INCOME ATTRIBUTABLE TO THE REAL PROPERTY; OR
2. THE REPLACEMENT COST OF THE REAL PROPERTY.
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