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LAWS OF MARYLAND

Ch. 8

The reference to "imposed" is substituted for the
former references to the term "levied"-, for clarity.
As to this substitution, see the General Revisor's
Note to this article.

Defined terms: "Property tax" § 1-101
"Taxable year" § 1-101

SUBTITLE 3. SETTING PROPERTY TAX RATES.

6-301. SETTING OF STATE PROPERTY TAX RATE.

(A)  IN GENERAL.

EXCEPT AS PROVIDED IN SUBSECTIONS (B) AND (C) OF THIS
SECTION, THE BOARD OF PUBLIC WORKS ANNUALLY SHALL SET THE RATE
FOR STATE PROPERTY TAX FOR THE NEXT TAXABLE YEAR AS AUTHORIZED BY
THE GENERAL ASSEMBLY.

(B)  INTANGIBLE PERSONAL PROPERTY.

(1)  INTANGIBLE PERSONAL PROPERTY IS SUBJECT TO STATE
PROPERTY TAX AS OTHERWISE PROVIDED IN THIS TITLE AT THE RATE SET
ANNUALLY BY THE BOARD OF PUBLIC WORKS UNDER SUBSECTION (A) OF
THIS SECTION, IF:

(I)  THE INTANGIBLE PERSONAL PROPERTY HAS PAID
INTEREST OR DIVIDENDS DURING THE 12 MONTHS THAT PRECEDE THE DATE
OF FINALITY;

(II)  INTEREST OR DIVIDENDS WERE WITHHELD ON THE
INTANGIBLE PERSONAL PROPERTY DURING THE 12 MONTHS THAT PRECEDE
THE DATE OF FINALITY TO AVOID THE TAX UNDER THIS SUBSECTION;

(III)  THE INTANGIBLE PERSONAL PROPERTY CONSISTS
OF NEWLY ISSUED BONDS, CERTIFICATES OF INDEBTEDNESS, OR EVIDENCES
OF DEBT ON WHICH INTEREST IS NOT IN DEFAULT; OR

(IV)  A STOCK DIVIDEND HAS BEEN DECLARED ON THE
INTANGIBLE PERSONAL PROPERTY DURING THE 12 MONTHS THAT PRECEDE
THE DATE OF FINALITY.

(2)  THE STATE PROPERTY TAX RATE FOR THE INTANGIBLE
PERSONAL PROPERTY MAY NOT EXCEED 15 CENTS FOR EACH $100 OF AN
ASSESSMENT.

(C)  ROLLING STOCK.

(1)  THIS SUBSECTION DOES NOT APPLY TO THE ROLLING
STOCK OF RAILROADS OR EXPRESS OR TRANSPORTATION COMPANIES.

(2)  A PERSON WHO OWNS ROLLING STOCK SHALL PAY A STATE
PROPERTY TAX AT THE RATE OF $1.50 FOR EACH $100 OF AN ASSESSMENT.