WILLIAM DONALD SCHAEFER, Governor                   Ch. 322

Article - Tax - Property
5-102.

(a)  Real property is subject to assessment and taxation in
the State, the county, and, if applicable, municipal corporation
or special tax district where the real property is situated.

(b)  (1) Except as provided in paragraph (2) of this
subsection, [subsections] SUBSECTION (c) [and (d)] of this
section, and for operating property in § .6-103 of this article,
tangible personal property located in the State is subject to
assessment and taxation in the county and, if applicable,
municipal corporation where the tangible personal property is
permanently located.

(2) If tangible personal property located in the
State is not permanently located in any county, it is subject to
assessment and taxation where the owner resides.

(c)  The stock in business of a manufacturing or commercial
business is subject to assessment and taxation in the county and,
if applicable, municipal corporation where the business is
carried on.

[(d) The part of rolling stock that is habitually used on
railroads in the State is tangible personal property that is
subject to assessment and taxation in the State.]

[(e)] (D) If trustees of personal property include trustees
who are nonresidents of the State, the property shall be treated
as held by a resident of the State in the same proportion that
the number of trustees who are residents of the State bears to
the total number of trustees. The remainder of the property
shall be treated as held by a nonresident of the State.

6-301.

(a)  Except as provided in [subsections] SUBSECTION (b) [and
(c)] of this section, the Board of Public Works annually shall
set the rate for State property tax for the next taxable year as
authorized by the General Assembly.

(b)  (1) Intangible personal property is subject to State
property tax as otherwise provided in this title at the rate set
annually by the Board of Public Works under subsection (a) of
this section, if:

(i) the intangible personal property has paid
interest or dividends during the 12 months that precede the date
of finality;

- 1875 -