(a) In any assessment for tax purposes of property subject to an affordable housing land trust agreement, the property shall be assessed based on its market value subject to any restrictions in the affordable housing land trust agreement.
(b) The assessment shall note that the sale was not an arms–length transfer on the property tax record.
Structure Maryland Statutes
Title 14 - Miscellaneous Rules
Subtitle 5 - Affordable Housing Land Trusts
Section 14-502 - Affordable Housing Land Trust Agreement -- Nature; Construction
Section 14-503 - Affordable Housing Land Trust
Section 14-504 - Affordable Housing Land Trust -- Activities
Section 14-505 - Affordable Housing Land Trust Agreement -- in General
Section 14-506 - Right to Repurchase
Section 14-507 - Possession, Sale, and Transfer of Property
Section 14-508 - Reversionary Rights
Section 14-509 - Tax Assessment