HARRY HUGHES, Governor

193

Defined terms: "Assessment" § 1-101

"County property tax" § 1-101 "Property tax" § 1-101

7-227. SAME -- PROPERTY LOCATED IN A RESIDENCE.

EXCEPT FOR PERSONAL PROPERTY USED IN CONNECTION WITH A
BUSINESS, OCCUPATION, OR PROFESSION, PERSONAL PROPERTY OWNED BY
AN INDIVIDUAL AND LOCATED AT THE INDIVIDUAL'S PLACE OF RESIDENCE
IS NOT SUBJECT TO VALUATION OR TO PROPERTY TAX.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
9A(a) and (k).

The word "individual" is substituted for the former
word "taxpayer", for clarity.

Defined terms: "Property tax" § 1-101
"Valuation" § 1-101

7-228. SAME -- SAVINGS AND LOAN PROPERTY.

PERSONAL PROPERTY IS NOT SUBJECT TO VALUATION OR PROPERTY
TAX, IF THE PROPERTY IS OWNED BY:

(1)  AN INSTITUTION THAT IS SUBJECT TO THE FRANCHISE
TAX UNDER ARTICLE 81, § 128 OF THE CODE; OR

(2)  A CREDIT UNION ORGANIZED FOR RECEIVING DEPOSITS
OF MONEY AND PAYING INTEREST OR DIVIDENDS ON THE MONEY, IF THE
CREDIT UNION DOES NOT HAVE CAPITAL STOCK.

REVISOR'S NOTE: This section is new language that is in
part derived without substantive change from Art. 81,
§ 9A(a) and in part is substituted for (b)(2). Former
Art. 81, § 9A(b)(2) which referred to "savings bank,
savings institution, or corporation, ... organized for
receiving deposits ... and paying interest thereon ...
having no capital stock" was intended to refer to
those institutions subject by former Art. 81, § 128 to
a franchise tax. Because the institutions paid a
franchise tax, they were exempted from property tax on
their tangible personal property.

Former Art. 81, § 9A(b)(1), which exempted the
personal property of those corporations whose capital
stock was taxed, is deleted as obsolete.

Defined terms: "Property tax" § 1-101
"Valuation" § 1-101

7-229. SAME -- TOOLS OF MECHANICS OR ARTISANS.