HARRY HUGHES, Governor

3253

July 1, 1979, or when the assessment is changed from
agricultural to nonagricultural. In the event of such
development, the tax shall be imposed on the entire parcel.
Land subdivided into lots or parcels of 20 acres or more
shall not be considered developed until the owner of or the
other person having a property interest in the land
commences or engages in the construction of nonagricultural
improvements, or obtains a building or other permit, or
files a notice of intent to construct nonagricultural
improvements. In the event of such development, the tax
shall be imposed on the entire parcel unless that parcel may
be further subdivided. If further subdivision is possible,
and if the remainder of the land that is not the homesite
continues in agricultural use, the tax shall be imposed on
the portion of the land that is determined by the Department
to be the homesite. In making the determination of the
amount of land attributable to the homesite, the Department
shall take into consideration local regulations and other
factors it deems necessary.

(iii) Two-thirds of the money
collected by tax collecting authorities of the various
subdivisions in payment of the principal and interest to
satisfy any tax under sub-subparagraph (2)(B)(i) of
subsection (b) of this section shall be held in a special
account and paid over to the Comptroller of the Treasury at
such times and intervals as the Comptroller specifies. The
Comptroller shall place all proceeds in the Maryland
Agricultural Preservation Fund to be used for the purposes
set forth in Section 2-505 of the Agriculture Article.

(iv) One-third of the money
collected by the tax collecting authorities pursuant to the
provisions of sub-subparagraph (2)(B)(i) of subsection (b)
of this section and in Montgomery County two-thirds of the
money collected so long as it continues to impose a transfer
tax substantially similar to that imposed by Montgomery
County Code Section 52-21(d) (1979), shall be held in a
special account by the subdivision and shall be used for an
approved agricultural land preservation program, including
bond annuity funds or matching funds. The funds placed in
the special account by the subdivisions may be retained by
them for a period of 3 years. If, after 3 years, the funds
have not been expended or committed by a subdivision, they
shall be paid over to the Comptroller of the Treasury who
shall place the funds in the Maryland Agricultural
Preservation Fund. However, over a 5-year period any
subdivision shall be allocated in the aggregate the funds it
would have been entitled to receive if able to utilize them.
Notwithstanding the provisions of this subsection, one-half
of the amount retained by Montgomery County shall be held in
a special fund account and deemed and used as the State
matching share for agricultural land preservation.

(v) The development tax shall be
collected as a lien in the same manner as the real property
tax. A landowner shall be advised of assessment under