HARRY HUGHES, Governor

187

Defined terms: "Includes";"including" § 1-101
"Property tax" § 1-101 "Valuation" § 1-101

7-221. SAME -- BANK PROPERTY.

(A)  EXEMPTION.

PERSONAL PROPERTY IS NOT SUBJECT TO VALUATION OR TO PROPERTY
TAX, IF THE PERSONAL PROPERTY IS OWNED BY AN INSTITUTION THAT IS
SUBJECT TO THE FRANCHISE TAX UNDER ARTICLE 81, § 128A OF THE
CODE.

(B)  EXCEPTION FROM EXEMPTION.

THIS EXEMPTION DOES NOT INCLUDE ANY PERSONAL PROPERTY THAT
IS LEASED, LOANED, OR MADE AVAILABLE BY THE INSTITUTION FOR THE
USE OF A PERSON WHOSE BUSINESS IS NOT THAT OF THE INSTITUTION.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 9A(a) and
(b)(3).

In subsection (a) of this section, the language
"institution that is subject to the franchise tax
under Article 81, § 128A of the Code" is substituted
for the former language "commercial bank, safe deposit
and trust company, or finance corporation ...", for
clarity. Because these institutions pay a franchise
tax, they were exempted from property tax on their
personal property.

Defined terms: "Person" § 1-101

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

7-222. SAME -- BUSINESS STOCK PROPERTY.

(A)  GENERAL EXEMPTION.

EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, THE
STOCK IN BUSINESS OF A PERSON ENGAGED IN A MANUFACTURING OR
COMMERCIAL BUSINESS IS NOT SUBJECT TO. PROPERTY TAX.

(B)  COUNTY EXCEPTIONS.

EXCEPT AS PROVIDED BY § 7-108 OF THIS TITLE, THE PERSONAL
PROPERTY DESCRIBED IN SUBSECTION (A) OF THIS SECTION IS SUBJECT
IN ANY COUNTY LISTED IN THIS SUBSECTION TO A COUNTY PROPERTY TAX
ON:

(1) 60% OF ITS ASSESSMENT IN SOMERSET AND WICOMICO
COUNTIES;

(2) 50% OF ITS ASSESSMENT IN DORCHESTER AND
WASHINGTON COUNTIES;