(a) Except as otherwise provided in this section, a leasehold or other limited interest in property is not subject to property tax. (b) An interest of a life tenant or the owner of any other freehold estate in property is subject to property tax as though the person in possession or the user of the property were the owner of the property. (c) An interest of the mortgagor, pledgor, or conditional sale buyer in personal property is subject to property tax as though the person in possession or the user of the personal property were the owner of the personal property. (d) The following interests in real property are subject to property tax as though the person in possession or the user of the property were the owner of the property: (1) an interest of a tenant under a 99-year lease, whether or not the lease is renewable; (2) an interest of a tenant under a lease for less than 99 years, if the lease is perpetually renewable; and (3) an interest of a mortgagor or grantor under a deed of trust. (e) Unless exempted under § 7-211, § 7-211.1, § 7-244, § 7-246, or § 7-501 of this article, the interest or privilege of a person in property that is owned by the federal government, the State, a county, a municipal corporation, or an agency or instrumentality of the federal government, the State, a county, or a municipal corporation is subject to property tax as though the lessee or the user of the property were the owner of the property, if the property is leased or otherwise made available to that person: (1) by the federal government, the State, a county, a municipal corporation, or an agency or instrumentality of the federal government, the State, a county, or a municipal corporation; and (2) with the privilege to use the property in connection with a business that is conducted for profit.
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