2388

LAWS OF MARYLAND

Ch. 386

in order to challenge the assessment on the basis of the
capitalization of income method at subsequent levels of
appeal; and requiring certain notice to certain taxpayers.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 14(e)

Annotated Code of Maryland

(1980 Replacement Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read 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.
WHEN NOTIFYING TAXPAYERS OF THEIR OBLIGATION TO FILE INCOME AND
EXPENSE STATEMENTS, THE ASSESSING AUTHORITY SHALL INDICATE THAT
FAILURE TO PROVIDE THE INFORMATION AT THE SUPERVISOR'S LEVEL OF
APPEAL WILL LIMIT THE NATURE OF LATER APPEALS WHICH MIGHT
OTHERWISE BE AVAILABLE. 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 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] THE SUPERVISOR'S
level of appeal WHEN NOTIFYING TAXPAYERS OF THEIR SUPERVISOR'S
LEVEL APPEAL, THE DEPARTMENT SHALL INDICATE THAT FAILURE TO
PROVIDE THE INCOME AND EXPENSE INFORMATION AT THE SUPERVISOR'S
LEVEL OF APPEAL WILL PROHIBIT A CHALLENGE OF THE ASSESSMENT BASED
UPON THE CAPITALIZATION OF INCOME AT LATER AVAILABLE APPEAL
LEVELS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.