Maryland SB457 allows counties to set separate property tax rates for land and improvements to land.

Maryland SB457 amends the state's property tax laws to allow the governing body of a county to establish subclasses of real property, specifically land and improvements to land, and set separate real property tax rates for each subclass. This change applies to all counties except Baltimore City, which already has this authority. The bill also specifies that the tax rate for personal property and certain operating real property cannot exceed 2.5 times the rate for real property. This legislation aims to provide more flexibility in property tax rates for different types of real property.

Maryland SB457 allows counties to set separate property tax rates for land and improvements to land.

Maryland SB457 amends the state's property tax laws to allow the governing body of a county to establish subclasses of real property, specifically land and improvements to land, and set separate real property tax rates for each subclass. This change applies to all counties except Baltimore City, which already has this authority. The bill also specifies that the tax rate for personal property and certain operating real property cannot exceed 2.5 times the rate for real property. This legislation aims to provide more flexibility in property tax rates for different types of real property.