HARRY HUGHES, Governor

197

(B) SETTING STATE RATE.

THE STATE PROPERTY TAX RATE FOR PERSONAL PROPERTY SHALL BE
SET AS PROVIDED BY ARTICLE 31, § 23 OF THE CODE.

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

Subsection (b) of this section is new language added
to state expressly that the process for setting the
State rate for most personal property is as provided
in Art. 31, § 23.

In subsection (a) of this section, the reference to
"[e]xcept for the real property part of" operating
property is added to clarify current practice.

Also in subsection (a) of this section, the former
reference to contract carriers is deleted as obsolete.

Defined terms: "Assess" § 1-101

"Operating property" § 1-101 "Real property" § 1-101

"State property tax" § 1-101

SUBTITLE 4. COUNTY EXEMPTIONS -- MANDATORY.

7-401. ROLLING STOCK PROPERTY.

ROLLING STOCK OF ANY PERSON OTHER THAN A PERSON ASSESSED
UNDER § 8-110 OF THIS ARTICLE IS NOT SUBJECT TO A COUNTY OR
MUNICIPAL CORPORATION PROPERTY TAX.

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

The phrase "person other than a person assessed under
§ 8-110 of this article" is substituted for the former
phrase "persons other than railroad, express or
transportation, parlor car, and sleeping car
companies", for clarity.

As to the valuation and assessment of rolling stock
property, see § 8-110 of this article.

Defined terms: "Assess" § 1-101

"County property tax" § 1-101

"Municipal corporation property tax" § 1-101

"Person" § 1-101

SUBTITLE 5. COUNTY EXEMPTIONS -- OPTIONAL;
PAYMENTS IN LIEU OF TAXES.