All machinery, equipment, materials, and supplies are subject to a partial exemption from property tax if consumed in, or used primarily in, research and development as defined in Section 1-101 of the Tax-Property Article of the Annotated Code of Maryland. The partial exemption shall only apply to property purchased in or transferred into the County after December 1, 1998. The amount of the tax exemption granted herein is equal to seventy-five percent (75%) of the assessment of the property described in Subsection (a), above. Application for the tax exemption established herein shall be made in the manner prescribed by regulations adopted by the Department of Assessments and Taxation of the State of Maryland.