Property Taxes - Authority of Counties to Establish Subclasses and Set Separate Rates for Land and Improvements to Land

HB 78 allows Maryland counties and Baltimore City to create separate property tax categories for land and buildings (improvements to land), setting different tax rates for each. This directly affects property owners in these jurisdictions, particularly those with properties where land value and building value differ significantly. The bill amends tax code to permit counties to establish these separate rates without requiring them to be equal, while ensuring consistent application within each subclass. It becomes effective for tax years starting after June 30, 2027.