PARRIS N. GLENDENING, Governor

Ch. 367

7-211.

(a) 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) IF REAL PROPERTY THAT PASSES FROM A DECEDENT TO A PERSON
DESCRIBED IN § 7-204(C)(l) OR (2) OF THIS SUBTITLE HAS QUALIFIED UNDER § 8-209
OF THE TAX - PROPERTY ARTICLE AS FARMLAND FOR THE 5 YEARS IMMEDIATELY
BEFORE THE DATE OF THE DEATH OF THE DECEDENT AND THE FARMLAND
CONSISTS OF AT LEAST 50 ACRES, THE PERSON RESPONSIBLE FOR PAYING THE
INHERITANCE TAX MAY ELECT THAT THE REAL PROPERTY BE EXEMPT FROM THE
INHERITANCE TAX, SUBJECT TO DISQUALIFICATION UNDER § 7-222 7-221 OF THIS
TITLE SUBTITLE.

[(b)] (C) (1) To elect a valuation OR EXEMPTION under subsection (a) OR (B)
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 OR OF EXEMPTION UNDER SUBSECTION (B) 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.

7-216.

(d) If property valued OR EXEMPT under § 7-211 of this subtitle is disqualified
for the special valuation OR EXEMPTION under § 7-221 of this subtitle, the person who
owns the property when the disqualifying event occurs shall pay any additional
inheritance tax determined under § 7-221 of this subtitle.

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