Ch. 2

2007 Laws of Maryland

(b) Personal SUBJECT TO § 7-514 OF THIS TITLE. PERSONAL property
that is machinery or equipment described in subsection (a) of this section is subject to
county or municipal corporation property tax on:

(1)       75% of its value for the taxable year beginning July 1, 2000; and

(2)       50% of its value for the taxable year beginning July 1, 2001 and
each subsequent taxable year.}

7-514.

(a)     This section shall be applicable to all taxable years
beginning after june 30, 2008.

(B)     (1) NOTWITHSTANDING § 7-237 OF THIS TITLE, AND SUBJECT TO

PARAGRAPH (2) OF THIS SUBSECTION. FOR A TAXABLE YEAR BEGINNING BEFORE

JULY 1, 2011, THE GOVERNING BODY OF A COUNTY MAY INCREASE TO NOT
more than 65%. by law, the percent of the assessment of any
personal property described in § 7-237 of this title that is subject
to county property tax.

(2) THE GOVERNING BODY OF A COUNTY MAY NOT INCREASE THE
PERCENT OF ASSESSMENT OF PERSONAL PROPERTY DESCRIBED IN § 7-237 OF
this title that is subject to county personal property tax to more

THAN:

(I) 65% FOR THE TAXABLE YEAR BEGINNING JULY 1. 2008:

(II) 60% FOR THE TAXABLE YEAR BEGINNING JULY 1. 2009:
AND

(III) 55% FOR THE TAXABLE YEAR BEGINNING JULY 1. 2010.

(2) (3) (I) A COUNTY THAT INCREASES THE PERCENT OF
ASSESSMENT OF TAXABLE PERSONAL PROPERTY UNDER PARAGRAPH (1) OF
THIS SUBSECTION SHALL SUBMIT A COPY OF THE LAW TO THE DEPARTMENT.

(II) IF THE DEPARTMENT RECEIVES A COPY OF THE LAW ON
OR BEFORE MAY 1, THE CHANGE SHALL BE EFFECTIVE FOR THE TAXABLE YEAR
FOLLOWING THE DATE THE LAW IS ENACTED.

(C) (1) THE GOVERNING BODY OF A COUNTY MAY ENTER INTO AN

AGREEMENT WITH THE OWNER OF A FACILITY FOR THE GENERATION OF

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