Maryland Code, Tax-Property § 8-213

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

(2) “Agreement” means an agreement made under subsection (b) of this section.

(3) “Assessment rate index” means the percentage, if any, by which the amount of the State assessable base for the taxable year exceeds the average annual amount of the State assessable base in the immediately preceding assessment cycle.

(4) “State assessable base” means the total assessable base, as determined by the Supervisor of Assessments, of all real property in the State subject to taxation.

(2) If the land of a country club or golf course that meets the requirements of § 8-212 of this subtitle has a greater market value than its value when used as a country club or golf course, the land shall also be assessed on the basis of the greater value.

(3) Except as provided under § 8-216 of this subtitle, the property tax payable by a country club or golf course under this section is based on the assessment of the land under paragraph (1) of this subsection.

(4) If an assessment is made on the greater value under paragraph (2) of this subsection, the assessment records for the country club or golf course shall record the assessment under paragraphs (1) and (2) of this subsection.

(5) Any assessment of the land of a country club or golf course under this section is effective on the date of finality next following the date of an agreement.

(d)(1) An agreement shall be for at least 10 consecutive years or for a longer period as determined by the country club or golf course and the Department.

(2) An agreement may be extended, but only in increments of at least 5 years.