WILLIAM DONALD SCHAEFER, Governor                         Ch. 309

Approved May 11, 1993.

CHAPTER 309
(House Bill 534)

AN ACT concerning

Property Tax Assessment - Income Producing Real Property - Penalty for Failure to File

Financial Information

FOR the purpose of requiring a supervisor of assessments to assess a certain penalty for
failure to file certain financial information concerning certain income producing
real property; requiring a certain notice of the penalty; requiring the collector of a
county to collect the penalty and to remit a certain percent of the penalty to the
State Comptroller; providing that a certain penalty may not be suspended; providing
that certain lessees shall have the right to recover certain penalties under certain
circumstances; and generally relating to a penalty for failing to file certain financial
information relating to income producing real property for tax assessment purposes.

BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 8-105

Annotated Code of Maryland
(1986 Volume and 1992 Supplement)

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

Article - Tax - Property

8-105.

(a)     (1) Except for land that is actively devoted to farm or agricultural use, the
supervisor:

(i) may value income producing real property by using the
capitalization of income method or any other appropriate method of valuing the real
property; and

(ii) shall consider an income method in valuing income producing
commercial real property.

(2) For income producing single-family residential real property, the
supervisor may value the property by using the same methods that are used for
single-family residential real property that is owner-occupied.

(b)     (1) The supervisor shall notify each owner of income producing real
property to submit, under oath, on or before May 15 of each year, a current:

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