426                                                LAWS OF MARYLAND                                     Ch. 8

PROPERTY ON THE DATE OF FINALITY IS LIABLE FOR PROPERTY TAX THAT
IS IMPOSED ON THAT PROPERTY FOR THE FOLLOWING TAXABLE YEAR.

REVISOR'S NOTE: This section is new language that in part
is derived without substantive, change from the
ownership payment responsibility provision of the
first sentence of former Art. 81, § 4A(a) and in part
is added to state expressly the implied requirement
that the owner of property shall pay the property tax.

The introductory clause "[e]xcept as otherwise
provided in this subtitle" is added for clarity to
recognize the exceptions for property transfers and
leased property.

The defined term "property tax" is substituted for the
former word "taxes", for clarity.

The reference to the property tax being "imposed" is
substituted for the former reference to the property
tax being "levied", for clarity. As to this
substitution, see the General Revisor's Note to this
article.

As to the application of the phrase "owner of

property" in this section, see the special rules for

residency, fiduciaries, common trust funds, and

leasehold interests in §§ 1-202, 1-203, 1-204, and
5-101 of this article.

Defined terms: "Date of finality" § 1-101
"Property" § 1-101 "Property tax" § 1-101
"Taxable year" § 1-101

10-402. LIABILITY FOR PROPERTY TRANSFERRED.

(A)  REAL PROPERTY.

(1)  EXCEPT FOR TAX SALES AS PROVIDED BY TITLE 14,
SUBTITLE 8 OF THIS ARTICLE, IF REAL PROPERTY OWNERSHIP IS
TRANSFERRED BETWEEN THE DATE OF FINALITY AND SEMIANNUAL DATE OF
FINALITY, THE TRANSFEREE IS LIABLE FOR THE PROPERTY TAX ON REAL
PROPERTY FOR THE TAXABLE YEAR THAT BEGINS AFTER THE TRANSFER.

(2)  PARAGRAPH (1) OF THIS SUBSECTION DOES NOT
PRECLUDE THE TRANSFEROR AND THE TRANSFEREE OF REAL PROPERTY THAT
IS SUBJECT TO THIS SUBSECTION FROM ADJUSTING THE PROPERTY TAX FOR
ANY YEAR BETWEEN THEM.

(B)  PERSONAL PROPERTY.

(1) IF A TRANSFER OF ALL PERSONAL PROPERTY OR ALL THE
STOCK IN BUSINESS OF A BUSINESS OCCURS BETWEEN THE DATE OF
FINALITY AND THE SEMIANNUAL DATE OF FINALITY THE PROPERTY IS
ASSESSED TO THE TRANSFEREE AS IF THE PROPERTY WERE ESCAPED