§ 8-224

# (a)

# (1)

If a part of any land that meets the requirements of § 8–221 of this subtitle is subdivided by a recorded plat or is improved by the construction of permanent buildings, the assessment of that part under § 8–222 of this subtitle shall be terminated, and the part shall be assessed as provided under § 8–104 of this title.

# (2)

The remaining part of the land described under paragraph (1) of this subsection may continue to be assessed under § 8–222 of this subtitle if the remainder meets all of the requirements of § 8–221 of this subtitle other than the 500–acre requirement.

# (b)

# (1)

If a part of any land that meets the requirements of § 8–221 of this subtitle is rezoned at the request of the owner to a zoning classification that does not meet the requirements of § 8–221 of this subtitle, the assessment of that part under § 8–222 of this subtitle shall be terminated and the part shall be assessed at the greater value determined under § 8–223 of this subtitle.

# (2)

When a property is assessed under paragraph (1) of this subsection, a deferred property tax is due for the amount of the difference, if any, between the assessment of the land under § 8–222 of this subtitle and the assessment under § 8–223 of this subtitle for each year in which the assessment was determined under § 8–222 of this subtitle.

# (3)

The total of the deferred property tax due may not exceed 4% of the assessment under § 8–223 of this subtitle in effect at the time of rezoning under paragraph (1) of this subsection.

# (4)

The proceeds of the deferred property tax are collected and distributed as provided by Title 13 of this article.