Ch. 309                                     1993 LAWS OF MARYLAND

[(1)](I) income and expense statement for the real property, on the form
that the Department requires; or

[(2)] (II) annual income and expense statement in another form that is
acceptable to the Department.

(2) FOR INCOME PRODUCING REAL PROPERTY THAT HAS A VALUE IN
EXCESS OF $5,000,000 AS LISTED ON THE ASSESSMENT ROLL, THE SUPERVISOR SHALL:

(I) INCLUDE IN THE NOTICE A STATEMENT THAT A PENALTY MAY
BE ASSESSED UNDER SUBSECTION (E) OF THIS SECTION IF THE OWNER OF REAL
PROPERTY ASSESSED VALUED AT OVER $5,000,000 FAILS TO FILE THE INCOME AND
EXPENSE INFORMATION REQUIRED UNDER THIS SUBSECTION; AND

(II) SEND THE NOTICE BY FIRST CLASS CERTIFIED MAIL TO THE
OWNER AS DETERMINED FROM THE ASSESSMENT ROLLS OR THE OWNER'S REGISTERED
AGENT.

(c)     Upon (1) FOR INCOME PRODUCING REAL PROPERTY THAT HAS A VALUE IN
EXCESS OF $5,000,000 AS LISTED ON THE ASSESSMENT ROLL, IF THE INCOME AND
EXPENSE STATEMENT REQUIRED UNDER SUBSECTION (B) OF THIS SECTION IS NOT
RECEIVED BY MAY 15, THE DEPARTMENT SHALL SEND A LETTER BY FIRST CLASS
CERTIFIED MAIL TO THE OWNER NOTIFYING THE OWNER THAT THE STATEMENT HAS
NOT BEEN RECEIVED AND THAT IF THE STATEMENT IS STILL NOT RECEIVED BY JUNE 15,
THE PENALTY SPECIFIED IN SUBSECTION (E) OF THIS SECTION WILL BE ASSESSED.

(2) FOR PROPERTY OTHER THAN THE PROPERTY DESCRIBED IN
PARAGRAPH (1) OF THIS SUBSECTION, UPON request, an extension of up to 30 days may
be granted by the supervisor for the filing required by subsection (b) of this section.

(d)     The supervisor is not required to accept the expenses or depreciation claimed
by the owner and may use other methods to determine these amounts.

(E) (1) THIS SUBSECTION APPLIES ONLY TO INCOME PRODUCING REAL
PROPERTY THAT HAS A VALUE IN EXCESS OF $5,000,000 AS LISTED ON THE
ASSESSMENT ROLL.

(2)      IF AN OWNER OF INCOME PRODUCING REAL PROPERTY FAILS TO
SUBMIT INCOME AND EXPENSE INFORMATION AS REQUIRED BY SUBSECTION (B) OF
THIS SECTION, BY JUNE 15, THE SUPERVISOR SHALL ASSESS ON THE OWNER OF THE
REAL PROPERTY A PENALTY OF $100 PER DAY UP TO A MAXIMUM EQUAL TO 0.1% OF
THE VALUE OF THE PROPERTY LISTED ON THE ASSESSMENT ROLL.

(3)      THE SUPERVISOR SHALL NOTIFY THE COLLECTOR OF THE COUNTY
IN WHICH THE PROPERTY IS LOCATED OF ASSESSMENT OF A PENALTY.

(4)      THE COLLECTOR SHALL COLLECT THE PENALTY IMPOSED UNDER
THIS SUBSECTION AND SHALL REMIT 10% OF THE PENALTY TO THE STATE
COMPTROLLER.

(5) THE PENALTY IMPOSED UNDER THIS SUBSECTION MAY NOT BE
SUSPENDED.

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