Ch. 508

19% LAWS OF MARYLAND

(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:

(i) income and expense statement for the real property, on the form
that the Department requires; or

(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] $10,000,000 as listed on the assessment roll, the supervisor;—IN
CONSULTATION WITH THE LOCAL FINANCE DIRECTOR, shall^: DESIGNATE
PROPERTIES FOR WHICH THE OWNER MUST PROVIDE INCOME AND EXPENSE
INFORMATION OR BE SUBJECT TO A PENALTY UNDER SUBSECTION (E) OF THIS
SECTION FOR FAILURE TO PROVIDE THE INFORMATION.

(3) FOR INCOME PRODUCING REAL PROPERTY THAT IS DESIGNATED
UNDER PARAGRAPH (2) OF THIS SUBSECTION. 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 valued at over
[$5,000,000] $10,000,000 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)     (1) For income producing real property that has a value in excess of
[$5,000,000] $10,000,000 as listed on the assessment roll THAT IS DESIGNATED UNDER
SUBSECTION (B)(2) OF THIS SECTION, 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.

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