Ch. 322

LAWS OF MARYLAND

(ii) interest or dividends were withheld on the
intangible personal property during the 12 months that precede
the date of finality to avoid the tax under this subsection;

(iii) the intangible personal property consists
of newly issued bonds, certificates of indebtedness, or evidences
of debt on which interest is not in default; or

(iv) a stock dividend has been declared on the
intangible personal property during the 12 months that precede
the date of finality.

(2) The State property tax rate for the intangible
personal property may not exceed 15 cents for each $100 of an
assessment.

[(c) (1) This subsection does not apply to the rolling
stock of railroads or express or transportation companies.

(2) A person who owns rolling stock shall pay a State
property tax at the rate of $1.50 for each $100 of an
assessment.]                                                                                   

7-401.

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.

8-101.

(a)  For assessment purposes, property shall be divided into
classes and subclasses.

(b)  Real property is a class of property and is divided
into the following subclasses:                                                           

(1) land that is actively devoted to farm or
agricultural use, assessed under § 8-209 of this title;

(2)  marshland, assessed under § 8-210 of this title;

(3)  woodland, assessed under § 8-211 of this title;

(4) land of a country club, assessed under §§ 8-212
through 8-217 of this title;

(5) land that is used for a planned, development,
assessed under §§ 8-220 through 8-225 of this title; and

(6) all other real property that is directed by this
article to be assessed.                             

                                      - 1876 -