Maryland § 7-506.2
Full text of Maryland Maryland Code § 7-506.2, with citation guidance and answers to common questions.
§ 7-506.2.
(a) Real property may be exempt from municipal corporation property tax if:
(1) the real property is owned by:
(i) a former tenant of the real property;
(ii) an association of tenants or former tenants of the real property;
(iii) an entity in which former tenants or an association of tenants or former tenants holds a majority interest; or
(iv) a cooperative housing corporation that:
1. operates on a nonprofit basis;
2. operates on a limited equity basis; or
3. is subject to controls on the corporation’s rates of return;
(2) the owner and the governing body of the municipal corporation where the real property is located agree that the owner shall pay a negotiated amount in lieu of the applicable municipal corporation property tax; and
(3) the owner of the real property agrees to maintain at least 10% of the total number of residential units as housing for low to moderate income households, as set forth in an agreement between the owner and the governing body of the municipal corporation where the real property is located.
(b) Real property described in subsection (a) of this section is exempt when the requirements of subsection (a) of this section are met.
Frequently Asked Questions About Maryland § 7-506.2
What does Maryland Code § 7-506.2 cover?
Section 7-506.2 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 7-506.2?
A common citation format is "Maryland Code § 7-506.2" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 7-506.2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.