§ 7-221. Personal property -- Financial institution property.

Latest version.

   (a) Exemption. -- 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) Exception from exemption. -- 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.

HISTORY: An. Code 1957, art. 81, § 9A; 1985, ch. 8, § 2; 1992, ch. 22, § 1; 1995, ch. 127, § 3; 2000, ch. 225, § 2.

                    
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