2013 Maryland Code
TAX - PROPERTY
§ 7-221 - Personal property -- Financial institution property.

§7-221.

(a) Personal property is not subject to valuation or to property tax, if the personal property is owned by:

(1) a financial institution as defined in § 8-101(c) of the Tax - General Article other than a savings and loan association as defined in § 7-221.1 of this subtitle; or

(2) a federal or State chartered credit union.

(b) This exemption does not include any personal property that is leased, loaned, or made available by the institution for the use of a person whose business is not that of the institution.

§ 7-221 - 1. Personal property -- Property used in processing deposits or loans

(a) Definitions. --

(1) In this section the following words have the meanings indicated.

(2) "Bank or trust company" means:

(i) a commercial bank;

(ii) a savings bank;

(iii) a trust company; or

(iv) a company that substantially competes with national banks in the State.

(3) "Savings and loan association" means a savings and loan association that:

(i) is organized under the laws of the State;

(ii) is organized under the laws of another state and is admitted to do business in this State; or

(iii) is organized under the laws of the United States and has an office in this State.

(b) General exemption. -- Except as provided in subsection (c) of this section, personal property is not subject to valuation or to property tax, if the personal property:

(1) is owned by a bank or trust company or a savings and loan association and is used in connection with the processing of deposits or loans of the bank or trust company or savings and loan association;

(2) is a computer program, as defined in § 11-225(a) of the Tax - General Article, or computer hardware; and

(3) is not used in connection with word processing.

(c) Exception from exemption. -- The exemption under this section does not apply to any personal property that is leased, loaned, or made available by a bank or trust company or a savings and loan association for the use of a person that is not a bank or trust company or savings and loan association.