776                                       LAWS OF MARYLAND                             [Ch. 4

REVISOR'S NOTE: This section presently appears as
Article 66C, section 411 1/2 (c) of the
Code. The only changes made are in style.

5-303. VALUATION OF TRACT FOR TAX PURPOSES NOT TO BE
INCREASED.

FOR THE PERIOD COVERED BY THE CONTRACT, THE
VALUATION OF THE TRACT OF LAND FOR THE PURPOSES OF
ASSESSMENT FOR STATE, COUNTY, SPECIAL TAX DISTRICT,
AND MUNICIPAL TAXES MAY NOT BE INCREASED.

REVISOR'S NOTE: This section presently appears as
Article 66C, section 411 1/2 (d) of the
Code. The only changes made are in style.

5-304. NEW VALUATION OF TRACT FOR PURPOSES OF
ASSESSMENT.

AT THE END OF THE PERIOD COVERED BY THE CONTRACT,
AT THE TIME ALL OF PART OF THE TIMBER IS HARVESTED, OR
ALL OR PART OF THE TRACT IS CONVEYED TO A NEW OWNER,
WHICHEVER IS EARLIEST, THERE SHALL BE A NEW VALUATION
OF ALL OR PART OF THE TRACT. IF ONLY A PART OF THE
TRACT IS CONVEYED OF IF ONLY A PART OF THE TIMBER IS
HARVESTED, THE NEW VALUATION FOR PURPOSES OF
ASSESSMENT SHALL BE ONLY THAT PART OF THE TRACT.

REVISOR'S NOTE: This section presently appears as
Article 66C, section 411 1/2 (e) of the
Code. The only changes made are in style.

5-305. COMPUTATION OF NEW VALUATION WHEN GREATER THAN
OLD.

IF THE NEW VALUATION UNDER § 5-304 IS GREATER
THAN THE ORIGINAL VALUATION UNDER § 5-303, THE
DIFFERENCE BETWEEN THE TWO IS COMPUTED IN
APPROXIMATELY EQUAL ANNUAL STEPS FROM LOWER TO HIGHER,
COVERING THE NUMBER OF YEARS ELAPSED BETWEEN THE TWO.
AT THE TIME OF THE CONVEYANCE OF ALL OR PART OF THE
TRACT [[OF]] OR THE HARVEST [[OR]] OF ALL OR PART OF
THE TIMBER, THE SELLER OWES A REVISED TAX BILL
COMPUTED ON ANY ANNUAL INCREASE, PAYABLE AT THE TAX
RATES APPLICABLE FOR THE PARTICULAR YEAR.

REVISOR'S NOTE: This section presently appears as
Article 66C, section 411 1/2(f) of the
Code. The words "or years" are proposed
for deletion in light of Article 1, section
8 of the Code, wherein reference to the