246

LAWS OF MARYLAND

Ch. 8

(G) SAME -- TRANSFER.

AN AGREEMENT MAY BE ASSIGNED AND TRANSFERRED TO A BUYER OF
ALL OR PART OF THE LAND THAT IS SUBJECT TO THE AGREEMENT, IF:

(1)  THE BUYER ASSUMES THE OBLIGATION OF THE
AGREEMENT;

(2)  THE AGREEMENT IS TRANSFERRED TO THE BUYER; AND

(3)  PROPERTY TAX ON AN ASSESSMENT UNDER SUBSECTION
(I) OF THIS SECTION IS NOT DUE.

(H) VALUE FROZEN.

EXCEPT AS PROVIDED IN SUBSECTION (I) OF THIS SECTION, THE
VALUE OF WOODLAND FOR ASSESSMENT PURPOSES IN EFFECT AT THE
BEGINNING OF AN AGREEMENT MAY NOT BE INCREASED FOR THE PERIOD
COVERED BY THE AGREEMENT.

(I) REASSESSMENT ON CONVEYANCE OR END OF AN AGREEMENT.

(1)  WOODLAND SHALL BE REASSESSED WHEN:

(I)  AT THE END OF AN AGREEMENT, TIMBER IS
HARVESTED, UNLESS HARVESTED ACCORDING TO THE PLAN DEVELOPED BY
THE DEPARTMENT OF NATURAL RESOURCES;

(II)  LAND SUBJECT TO AN AGREEMENT IS CONVEYED
TO A NEW OWNER; OR

(III)  AN AGREEMENT IS ENDED BY THE DEPARTMENT
OF NATURAL RESOURCES BECAUSE THE OWNER HAS NOT COMPLIED WITH THE
AGREEMENT.

(2)  IF ONLY PART OF THE LAND SUBJECT TO AN AGREEMENT
IS CONVEYED OR ONLY PART OF THE TIMBER IS HARVESTED, THE
REASSESSMENT SHALL BE ONLY FOR THE PART OF LAND CONVEYED OR THE
PART OF LAND ON WHICH THE TIMBER IS HARVESTED.

(J) SAME -- COMPUTATION.

IF THE ASSESSMENT UNDER SUBSECTION (I) OF THIS SECTION IS
GREATER THAN THE ASSESSMENT UNDER SUBSECTION (J) OF THIS SECTION,
THE DIFFERENCE BETWEEN THE 2 ASSESSMENTS IS COMPUTED IN
APPROXIMATELY EQUAL ANNUAL STEPS THAT COVER THE NUMBER OF TAXABLE
YEARS BETWEEN THE 2 ASSESSMENTS. THE AGREEMENT HOLDER OWES
PROPERTY TAX FOR EACH TAXABLE YEAR PAYABLE AT THE PROPERTY TAX
RATES APPLICABLE FOR EACH TAXABLE YEAR.

(K) PENALTY FOR NONCOMPLIANCE.

AN AGREEMENT HOLDER SHALL PAY THE DEPARTMENT OF NATURAL
RESOURCES A PENALTY OF $100 IF AN AGREEMENT IS TERMINATED AS A
RESULT OF NONCOMPLIANCE.