§ 7-237. Machinery or equipment used to generate electricity, steam for sale, hot or chilled water for sale

Latest version.

   (a) Exempt from property tax. -- Except as provided in subsection (b) of this section, personal property is exempt from property tax if the property is machinery or equipment used to generate:

   (1) electricity or steam for sale; or

   (2) hot or chilled water for sale that is used to heat or cool a building.

(b) Subject to county or municipal corporation property tax. -- Subject to § 7-514 of this title, personal property that is machinery or equipment described in subsection (a) of this section is subject to county or municipal corporation property tax on:

   (1) 75% of its value for the taxable year beginning July 1, 2000; and

   (2) 50% of its value for the taxable year beginning July 1, 2001 and each subsequent taxable year.

HISTORY: 1999, chs. 5, 6; 2000, ch. 526; 2007 Sp. Sess., ch. 2, § 4.

                    
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