HARRY HUGHES, Governor

123

While the use of the defined term "property"
incorporates intangible personal property, there is no
change in the scope of the property tax because the
exemption of most intangible personal property from
the property tax is set forth in subsection (b) of
this section. As to a further discussion of this
substitution, see the General Revisor's Note to this
article.

Also in subsection (a)(1) of this section, the former
references to assessments "made in conformity with
this article" and "upon existing assessments until
changed in conformity with this article" are deleted
as superfluous.

In subsection (b)(1) of this section, the former
exception "unless such property is expressly made
taxable by some provision of this article" is deleted
as superfluous.
Former Art. 81, § 8(3), which referred to shares of
stock in certain domestic corporations and in domestic
oil pipelines that operate an oil pipeline in the
State, is deleted as obsolete and in light of current
practice by the Department.

Former Art. 81, § 11(a), which related to a- 1941
attempt to induce the Baltimore and Ohio Railroad to
surrender its contract rights with the State, is
deleted as obsolete.

Former Art. 81, § 11(b), which related to property not
covered by the contract exemption of the Baltimore and
Ohio Railroad, is deleted as superfluous.

The balance of former Art. 81, § 8(1) and (2), which
related to where taxable property is subject to
assessments, now appears in § 5-102 of this article.

Defined terms: "Assessment" § 1-101

"Corporation" § 1-101 "Includes";"including" § 1-101

"Property" § 1-101 "Property tax" § 1-101

6-102. TAX ON LEASEHOLD INTERESTS.

(A) IN GENERAL.

EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, A LEASEHOLD OR
OTHER LIMITED INTEREST IN PROPERTY IS NOT SUBJECT TO PROPERTY
TAX.

(B) TAX OF -- INTEREST OF PERSON IN REAL OR PERSONAL
PROPERTY.