MARVIN MANDEL, Governor                             2451

(House Bill 254)
AN ACT concerning

Public Education — Finance

FOR the purpose of defining real property for purposes of
calculating the State and local shares of basic
current expenses of public elementary and secondary
education.

BY repealing and re—enacting, with amendments.

Article 77 — Public Education

Section 128A(a) (5)

Annotated Code of Maryland

(1969 Replacement Volume and 1973 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 128A(a)(5) of Article 77- Public
Education, of the Annotated Code of Maryland (1969
Replacement Volume and 1973 Supplement) be and it is
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 77 — Public Education
128A.

(a)(5) "Adjusted assessed valuation of real
property" shall be as reported by the State Department of
Assessments and Taxation for State purposes as of July 1
of the first completed fiscal year preceding the school
year for which the calculation of State aid pursuant to
this section is made[; provided, however, that if,].
"REAL PROPERTY," AS USED HEREIN, INCLUDES LAND,
IMPROVEMENTS TO LAND, LAND AND NON-OPERATING PROPERTY OF
RAILROADS, LAND AND NON-OPERATING PROPERTY OF PUBLIC
UTILITIES, AND PUBLIC UTILITY OPERATING PROPERTY
CLASSIFIED AS REAL PROPERTY. IF, for any county, the
State Department of Assessments and Taxation shall
estimate that real property is assessed at more or less
than 55% of market value, the assessed valuation of those
categories of real property which are estimated to be
assessed at more or less than 5556 of market value, on the
basis of surveys made pursuant to § 232 (14) of Article
81, which shall be reported as of a date not later than
November 1 of the calendar year preceding the school year
for which the calculation is being made, shall be
adjusted to 55%. The adjustment provided for herein
shall [apply only to categories of real property which
are assessed by a county.] NOT APPLY TO PUBLIC UTILITY