All property on which is located essential portions of improved airplane landing strips as certified by the Maryland State Aviation Administration, is hereby exempted from County property tax in accordance with Section 8-302, Tax-Property Article, Annotated Code of Maryland, provided that the landing strip is: Located on privately owned land; Used by the public; Licensed under Title V of the Transportation Article of the Annotated Code of Maryland; and Identified in the Maryland Aviation System Plan as essential to the State's air transportation system. Application and proof of eligibility for exemption shall be filed with the Director of Finance on forms approved by the Director of Finance no later than October 1 of the tax year for which exemption is sought.