Maryland Code, TAX – PROPERTY 8-108
Terms Used In Maryland Code, TAX - PROPERTY 8-108
- 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.
- County: means a county of the State or Baltimore City. See
- Personal property: All property that is not real property.
- 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) the earning capacity of the operating unit; and
(2) all other factors relevant to a determination of the value of the operating unit.
(b) The Department shall allocate to this State the value of that part of the operating unit that is reasonably attributable to the part located in this State.
(c) (1) The value allocated to this State shall be divided into an operating real property value and an operating personal property value, as determined by the Department.
(2) The assessment of operating real property is the value of operating real property less the assessment of operating real property, if any, that is exempt by law from property tax.
(3) The assessment of operating personal property is the value of operating personal property, less the assessment of operating personal property, if any, that is exempt by law from property tax.
(4) Operating land of a railroad is valued and assessed by the Department as part of the operating unit and is not valued and assessed by the supervisor.
(5) Returns, notices, and appeals of operating property assessments shall be administered pursuant to the sections of this article governing personal property assessment.
(d) (1) If operating property is located permanently in more than 1 county or municipal corporation, the Department shall apportion the assessment of that operating property among the counties and municipal corporations where the operating property is located.
(2) If operating property is not located permanently in a county or a municipal corporation, the Department shall apportion the assessment of that operating property among the counties and municipal corporations on the basis of the ratio of the all track mileage, excluding trackage rights, of the railroad operated in each county and any municipal corporation, to the total of all track mileage, excluding trackage rights, operated in this State.
(e) The Department may adopt regulations to carry out the provisions of this section.