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2005 LAWS OF MARYLAND
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Ch. 616
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2. an apartment in a cooperative apartment corporation that
is occupied by an individual who has a legal interest in the apartment; and
3. a part of real property used other than primarily for
residential purposes, if the real property is used as a principal residence by an
individual who has a legal interest in the real property.
(3) "Homeowner" means an individual who has a legal interest in a
dwelling or who is an active member of an agricultural limited liability company that
has a legal interest in a dwelling.
(4) "Legal interest" means an interest in a dwelling:
(i) as a sole owner;
(ii) as a joint tenant;
(iii) as a tenant in common;
(iv) as a tenant by the entireties;
(v) through membership in a cooperative;
(vi) under a land installment contract, as defined in § 10-101 of the
Real Property Article; or
(vii) as a holder of a life estate.
(5) "Taxable assessment" means the assessment on which the State,
county, or municipal corporation property tax rate was imposed in the preceding
taxable year, adjusted by the phased in assessment increase resulting from a
revaluation under § 8-104(e)(l)(iii) of this article, less the amount of any assessment
on which a property tax credit under this section is authorized.
(6) "Agricultural limited liability company" means a limited liability
company that:
(i) owns real property that:
1. includes land receiving an agricultural use assessment
under § 8-209 of this article; and
2. includes land used as a homesite that is part of or
contiguous to a parcel described in item 1 of this item;
(ii) owns personal property used to operate the agricultural land;
and
(iii) owns no other property.
(7) "Active member" means a member of a limited liability company who
has or shares the authority to manage, control, and operate the limited liability
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