Section 4-114 - School property held in trust by county board; tax exemptions; private entities.
§ 4-114. School property held in trust by county board; tax exemptions; private entities.
(a) Property to be held in trust and tax exempt.- All property granted, conveyed, devised, or bequeathed for the use of a particular public school or school system:
(1) Except as provided in subsection (c) of this section, shall be held in trust for the benefit of the school or school system by the appropriate county board or, for real property in Baltimore City, by the Mayor and City Council of Baltimore; and
(2) Is exempt from all State and local taxes.
(b) Tax exemption for money in trust.- Money invested in trust for the benefit of the public schools for any county or city is exempt from all State and local taxes.
(c) Private entities; exchange for services.-
(1) A private entity may hold title to property used for a particular public school or local school system if the private entity is contractually obligated to transfer title to the appropriate county board on a specified date.
(2) The conveyance of title of school property to a private entity for a specified term under this subsection may not be construed to prohibit the allocation of construction funds to an approved school construction project under the Public School Construction Program.
(3) A county or county board may convey or dispose of surplus land under the jurisdiction of the county or county board in exchange for public school construction or development services.
[An. Code 1957, art. 77, §§ 45, 46; 1978, ch. 22, § 2; 1996, ch. 10, § 16; 1997, ch. 105, § 1; 2004, ch. 306, § 1; ch. 307, § 1; 2005, ch. 171.]