134

LAWS OF MARYLAND

Ch. 8

Baltimore and Ohio intangible personal property is
taxed only in Baltimore City.

Defined terms: "Assessment" § 1-101

"Date of finality" § 1-101 "Person" § 1-101

"State property tax" § 1-101 "Taxable year" § 1-101

6-302. SETTING OF COUNTY PROPERTY TAX RATE.

(A)  IN GENERAL.

EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION AND AS PROVIDED
IN § 6-305 OF THIS SUBTITLE, IN EACH YEAR AFTER THE DATE OF
FINALITY AND BEFORE THE FOLLOWING JULY 1, THE MAYOR AND CITY
COUNCIL OF BALTIMORE CITY OR THE GOVERNING BODY OF EACH COUNTY
ANNUALLY SHALL SET THE TAX RATE FOR THE NEXT TAXABLE YEAR ON ALL
ASSESSMENTS OF PROPERTY SUBJECT TO THAT COUNTY'S PROPERTY TAX.

(B)  SINGLE RATE FOR ALL PROPERTY.

(1)  EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS
SECTION, §§ 6-305 AND 6-306 OF THIS SUBTITLE AND § 6-203 OF THIS
TITLE, THERE SHALL BE A SINGLE COUNTY PROPERTY TAX RATE FOR ALL
PROPERTY SUBJECT TO COUNTY PROPERTY TAX.

(2)  PARAGRAPH (1) OF THIS SUBSECTION DOES NOT AFFECT
A SPECIAL RATE PREVAILING IN A TAXING DISTRICT OR PART OF A
COUNTY.

(C)  INTANGIBLE PERSONAL PROPERTY.

(1)  INTANGIBLE PERSONAL PROPERTY IS SUBJECT TO COUNTY
PROPERTY TAX AS OTHERWISE PROVIDED IN THIS TITLE AT A RATE SET
ANNUALLY, 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 COUNTY TAX RATE FOR THE INTANGIBLE PERSONAL
PROPERTY MAY NOT EXCEED 30 CENTS FOR EACH $100 OF ASSESSMENT.