Maryland Code, STATE GOVERNMENT 9-2608
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Terms Used In Maryland Code, STATE GOVERNMENT 9-2608
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) Except as provided in subsection (b) of this section, the Corporation is not required to pay taxes or assessments on its:
(1) properties;
(2) activities; or
(3) revenue derived from its properties or activities.
(b) If the Corporation sells or leases land or facilities to a private entity, the land or facilities shall be subject to real property taxes.