Maryland Code, TAX – PROPERTY 7-302
Terms Used In Maryland Code, TAX - PROPERTY 7-302
- County: means a county of the State or Baltimore City. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) is owned by the American Association of Blood Banks, Incorporated; or
(2) is leased by the American Association of Blood Banks, Incorporated under a lease of 50 years or more.
(b) The property tax exemption under this section only applies to that portion of the property that is necessary for and actually used exclusively for the charitable or educational purposes of the American Association of Blood Banks, Incorporated.
(c) The property tax exemption under this section only applies for any taxable year for which a property tax credit for the property described in subsection (a) of this section is granted by the governing body of Montgomery County under § 9-317 of this article.