Maryland Code, TAX – PROPERTY 9-222
Terms Used In Maryland Code, TAX - PROPERTY 9-222
- 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
- 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.
(1) for that portion of the property that is leased, occupied, and used by a religious group or organization exclusively for:
(i) public religious worship;
(ii) educational purposes; or
(iii) office space necessary to support or maintain public religious worship or educational purposes; and
(2) for which the religious group or organization is contractually liable.
(b) The credit under this section does not apply:
(1) to property that is leased, occupied, or used for the purpose of making a profit; or
(2) when the religious group or organization no longer occupies the property.
(c) The lessor of property eligible for a tax credit under this section shall reduce by the amount of the tax credit the amount of taxes for which the religious group or organization is contractually liable under the lease agreement.