ROBERT L. EHRLICH, JR., Governor                               Ch. 11

(3) On or before May [1] 15 of each year, the Department may amend a
constant yield tax rate but only:

(i) when directed to make a change by an enactment of the General
Assembly; [or]

(ii) to correct an error in the calculation of the constant yield tax
rate; OR

(III) TO REFLECT A SIGNIFICANT LOSS OF TAXABLE BASE, AS
DETERMINED BY THE DIRECTOR.

(d)     The Director shall exempt a municipal corporation from the constant yield
tax rate provisions of § 6-308 of this article if a difference of less than $10,000 exists
between:

(1)     the property tax revenue that is provided by applying the municipal
corporation real property tax rate for the preceding taxable year to the estimated
assessment of all real property in the municipal corporation; and

(2)     the property tax revenue that is provided by applying the constant
yield tax rate for the next taxable year to the estimated assessment of all real
property in the municipal corporation.

(e)     (1) The Director shall report to the Attorney General any taxing
authority that appears to have violated the requirements of § 6-308 of this article.

(2)     The Attorney General shall investigate the report forwarded by the
Director. If the Attorney General finds that a taxing authority violated the
requirements of § 6-308 of this article, the Attorney General shall institute
appropriate legal action to effect compliance with the requirements of § 6-308 of this
article.

(3)     If a court finds that a taxing authority violated § 6-308 of this article,
the real property tax rate of that taxing authority shall be the constant yield tax rate.

(f)      A taxing authority that does not exceed the constant yield tax rate shall
notify the Department within the time set by the Director.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2003.

Approved April 8, 2003.

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