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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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TAX - PROPERTY |
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TITLE 7. PROPERTY TAX EXEMPTIONS |
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SUBTITLE 5. COUNTY EXEMPTIONS -- OPTIONAL; PAYMENTS IN LIEU OF TAXES |
§ 7-507. Foreign import property
Latest version.
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If the Mayor and City Council of Baltimore City or the governing body of a county or of a municipal corporation authorizes, by law, the stock in business consisting of foreign imports of a business engaged in importing is not subject to county or municipal corporation property tax if the foreign import is:
(1) in the possession of the business engaged in importing; and
(2) in its original package.