Maryland Code, TAX – PROPERTY 8-106
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Terms Used In Maryland Code, TAX - PROPERTY 8-106
- 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.
- 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.
(a) In this section, “cooperative housing corporation”, “cooperative interest”, “membership certificate”, and “proprietary lease” have the meanings provided under the Maryland Cooperative Housing Corporation Act.
(b) The value of a cooperative interest, a proprietary lease, a membership certificate, or similar items relating to an interest in a cooperative unit may be considered in determining the value of real property owned by a cooperative housing corporation or similar corporation.