WILLIAM DONALD SCHAEFER, Governor Ch. 552

(ii) the date of the next transfer of any part
of the agricultural land.

(6) FOR THE PURPOSE OF PARAGRAPH (4) OF THIS
SUBSECTION, THE SUPERVISOR SHALL CALCULATE THE AMOUNT OF THE
AGRICULTURAL LAND TRANSFER TAX DUE BY:

(I)  DETERMINING THE FAIR MARKET VALUE OF THE
LAND SUBJECT TO THE TAX AS OF THE MOST RECENT JULY 1 AND
PROVIDING THE PROPERTY OWNER WITH A NOTICE OF THAT VALUE, WHICH
THE PROPERTY OWNER MAY APPEAL AS PROVIDED BY § 8-404 OF THIS
ARTICLE;

(II)  MULTIPLYING THE FAIR MARKET VALUE OF THE
LAND SUBJECT TO THE TAX BY THE RATE OF THE TAX UNDER § 13-303 OF
THIS ARTICLE; AND

(III)  ADDING TO THE TAX CALCULATED UNDER
SUBPARAGRAPH (II) OF THIS PARAGRAPH A PENALTY IN THE AMOUNT OF
10% OF THE TAX DUE.

(e) The owner of real property which is subject to the
agricultural use assessment must notify the Department when there
is:

(1)  a failure to comply with a declaration of intent;
or

(2)  failure to continue the property in agricultural
use.

[(f) (1) An instrument of writing that transfers title to
less than 20 acres of agricultural land that is eligible for farm
or agricultural use assessment under § 8-209 of this article is
not subject to the agricultural land transfer tax, if the
transferee:

(i) files with the supervisor before the
transfer a declaration of intent to farm the land and the
declaration specifies that:

1.  all the agricultural land will remain
in farm or agricultural use for at least 5 full consecutive
taxable years; and

2.  the nature or type of agricultural
activity on all the agricultural land together with the amount of
the agricultural land that is in farm or agricultural use is
reasonably expected to produce an average annual gross income of
$2,500; and

(ii) applies for farm or agricultural use
assessment for all the agricultural land that is transferred.

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