Maryland Code, TAX – PROPERTY 10-205
Terms Used In Maryland Code, TAX - PROPERTY 10-205
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: means a county of the State or Baltimore City. See
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) Subject to paragraph (3) of this subsection and in accordance with § 10-208 of this subtitle, the governing body of a county or municipal corporation may authorize the advance payment to be paid on an installment payment schedule.
(3) (i) The governing body of a county may authorize advance payment or an installment payment schedule for:
1. county property tax collected by the county;
2. municipal corporation property tax collected by the county at the request of the governing body of the municipal corporation; or
3. special taxing district property tax collected by the county at the request of the special taxing district.
(ii) The governing body of a municipal corporation may authorize advance payment or an installment payment schedule for municipal corporation property taxes collected by the municipal corporation.
(iii) The governing body of a county or municipal corporation may not authorize advance payment or an installment payment schedule for property taxes imposed on real property that is subject to a deed of trust, a mortgage, or any other encumbrance that includes the escrowing of property tax payments.
(b) The advance payment is calculated by applying the current county property tax rate to the assessment of the taxpayer’s property for the prior year.
(c) If the advance payment is less than the county, municipal corporation, or special taxing district property tax as finally determined, the collector shall send a bill to the taxpayer for the difference.
(d) (1) The law authorizing advance payment may allow interest on the advance payment.
(2) The interest may not exceed any discounts allowed by law.