Maryland Code, TAX – PROPERTY 7-205
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maryland Code, TAX - PROPERTY 7-205
- 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.
Property that is owned by any nonprofit community water corporation is not subject to property tax if the corporation:
(1) is owned by a majority of the lot owners in the area that the water system serves; and
(2) charges a rate that is sufficient only to pay for the cost of operating the system.