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

SB 457 allows counties and Baltimore City to set separate property tax rates for land and improvements to land (like buildings). This directly affects property owners in jurisdictions that adopt this authority, particularly those with land parcels where land value differs significantly from improvements (e.g., vacant lots vs. developed properties). The bill amends Maryland tax law to permit governing bodies to establish distinct tax rates for "LAND" and "IMPROVEMENTS TO LAND" without requiring equal rates, while ensuring each rate applies uniformly across the jurisdiction. It takes effect June 1, 2026, for tax years beginning after June 30, 2027.