J. MILLARD TAWES, Governor                      2035

12C. (a) This section, to the exclusion of any other public general
or public local law unless this section is specifically referred to there-
in and appropriately modified or repealed, controls and regulates
exclusively the granting of any special provisions or tax exemption
based upon the age or income of the taxpayer or upon the value of
the property, or any of these factors, as part of the valuation and
assessment of and the property tax imposed upon real and personal
property in this State.

(b)   The valuation and assessment of all such property shall be
made and accomplished in all respects as other real and personal
property in the particular political subdivision.

(c)   The board of county commissioners or county council of every
county in this State and the mayor and city council, by whatever
name known, of every municipal corporation in this State, by resolu-
tion or ordinance enacted under its usual procedure therefor, may
provide for a tax credit or a limited rate of taxation on the basis of
age or income of the taxpayer or upon the value of property, or any
of these factors, as to property taxes imposed upon real and personal
property in the particular political subdivision. The tax credit or
limited rate of taxation may be applicable to any person, joint ten-
ants, tenants in common, or tenants by the entireties who come within
the category locally provided. The county or municipality may further
provide for the procedure and conditions applying to any such tax
credit or limited rate of taxation.

Sec. 3. And be it further enacted, That all laws and parts of
laws inconsistent with the provisions of the said Section 12C herein-
above enacted are repealed to the extent of any such inconsistency.

SEC. 4. AND BE IT FURTHER ENACTED, THAT THE
BOARD OF COUNTY COMMISSIONERS OR COUNTY COUNCIL
OF ANY COUNTY WHICH IS REQUIRED TO GRANT A TAX
EXEMPTION OR PREFERENTIAL RATE OF ASSESSMENT TO
ANY PERSON OR PERSONS COVERED BY THIS ACT SHALL
PROVIDE A TAX CREDIT OR LIMITED RATE OF TAXATION
HEREUNDER APPROXIMATELY EQUAL TO AND IN LIEU OF
THE TAX EXEMPTION OF PREFERENTIAL RATE OF AS-
SESSMENT. THIS TAX CREDIT OR LIMITED RATE OF TAXA-
TION SHALL BE PROVIDED BY THE COUNTY COMMIS-
SIONERS OR COUNCIL FOR A PERIOD OF AT LEAST ONE
YEAR FOLLOWING THE EFFECTIVE DATE OF THIS ACT,
AFTER WHICH TIME THE BOARD OF COUNTY COMMIS-
SIONERS OR COUNTY COUNCIL SHALL BE SUBJECT TO THE
PROVISIONS OF SECTION 12C AS ENACTED HEREINABOVE.

Sec. 4. 5. And be it further enacted, That this Act shall take
effect July 1, 1963.

Approved May 6, 1963.

CHAPTER 884
(Senate Bill 392)

AN ACT to add a new Section 411V½ to Article 66C of the Anno-
tated Code of Maryland (1957 Edition and 1962 Supplement), title