Ch. 138

LAWS OF MARYLAND

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

10-402.

(a)  (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)  (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
property under § 8-417 of this article, if the transferor or the
transferee files with the Department or the supervisor [within 20
days] ON OR BEFORE THE OCTOBER 1 IMMEDIATELY after the date of
the transfer a report, under oath, that contains:

(i) a description of the personal property from
the assessment roll;

(ii) the date and manner of transfer;

(iii) the name and address of the transferee;

(iv) the consideration; and

(v) any other information that the Department
requires.                                             

(2)  If the report is not filed, the transferor and
the transferee are jointly and severally liable for the next
taxable year following the transfer.

(3)  This subsection does not apply to any personal
property or stock in business removed from the State before the
semiannual date of finality.                                                   

(4)  If the transferor of personal property that is
transferred under this section has paid the property tax, the
transferor may require the transferee to adjust the property tax
with the transferor.

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