WILLIAM DONALD SCHAEFER, Governor                       Ch. 2

(A)  IN GENERAL.

THE PERSON RESPONSIBLE FOR PAYING THE INHERITANCE TAX MAY
ELECT TO VALUE REAL PROPERTY, FOR PURPOSES OF THE INHERITANCE
TAX:

(1)  AT ITS MOST RECENT REAL PROPERTY ASSESSMENT PLUS
ANY INFLATION ALLOWANCE IF, FOR THE 5 YEARS IMMEDIATELY BEFORE
THE DATE OF THE DEATH OF THE DECEDENT, THE REAL PROPERTY
QUALIFIES UNDER § 8-209 OR § 8-211 OF THE TAX - PROPERTY ARTICLE
AS FARMLAND OR WOODLAND; OR

(2)  BASED ON ITS ACTUAL USE ON THE DATE OF THE
DECEDENT'S DEATH IF THE REAL PROPERTY QUALIFIES AS NATIONAL
REGISTER PROPERTY BY A LISTING IN THE NATIONAL REGISTER OF
HISTORIC PLACES, WHETHER AS A SEPARATE PROPERTY OR AS A PART OF A
LISTED DISTRICT.

(B)  FILING REQUIREMENTS.

(1)  TO ELECT A VALUATION UNDER SUBSECTION (A) OF THIS
SECTION, THE PERSON RESPONSIBLE FOR PAYING THE INHERITANCE TAX
SHALL FILE WITH THE REGISTER A STATEMENT THAT:

(I)  CONTAINS A WRITTEN ELECTION OF A VALUATION
UNDER SUBSECTION (A) OF THIS SECTION, IN THE FORM AND MANNER THAT
THE COMPTROLLER REQUIRES; AND

(II)   DESCRIBES THE QUALIFYING REAL PROPERTY IN
REASONABLE DETAIL, INCLUDING ITS FAIR MARKET VALUE.

(2)  THE STATEMENT SHALL BE FILED:

(I)  WITH THE ADMINISTRATION ACCOUNT THAT
AFFECTS THE DISTRIBUTION OF THE QUALIFYING REAL PROPERTY; OR

(II)  IF THE QUALIFYING REAL PROPERTY IS NOT
SUBJECT TO FORMAL ADMINISTRATION, WITH THE REPORT OR INVENTORY
REQUIRED UNDER § 7-224 OR § 7-225(C) OR (D) OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
154(a), the first and second sentences of (b), and, as
it related to elections, (d).

In the introductory language of subsections (a) and
(b)(1) of this section, the former references to a
"personal representative" of an estate, "surviving
joint tenant", and "distributee of the property" are
deleted as included in the phrase "the person
responsible for paying the inheritance tax".

In the introductory language of subsection (a) of this
section, the defined term "inheritance tax" is
substituted for the former phrase "tax imposed by this
subtitle", for clarity.

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