Maryland Code, TAX – PROPERTY 7-221
Current as of: 2023 | Check for updates
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Terms Used In Maryland Code, TAX - PROPERTY 7-221
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Personal property: All property that is not real property.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) Personal property is not subject to valuation or to property tax, if the personal property is owned by:
(1) a financial institution as defined in § 8-101(c) of the Tax – General Article other than a savings and loan association as defined in § 7-221.1 of this subtitle; or
(2) a federal or State chartered credit union.
(b) This exemption does not include any personal property that is leased, loaned, or made available by the institution for the use of a person whose business is not that of the institution.