MARVIN MANDEL, Governor

1169

Article 77 - Public Education

Section 128A(a) (5)

Annotated Code of Maryland

(1969 Replacement Volume and 1974 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 1974 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hereby repealed and re—enacted, with amendments, to read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 THE MOST RECENT [[FINAL BASE OF
ASSESSED VALUATION OF REAL PROPERTY as reported by the
State Department of Assessments and Taxation]] ESTIMATE,
MADE BY THE DEPARTMENT OF ASSESSMENTS AND TAXATION PRIOR

TO__THE SUBMISSION OF THE ANNUAL STATE BUDGET TO THE

GENERAL ASSEMBLY, OF THE ASSESSED VALUE OF REAL PROPERTY
for State purposes fas of July 1 of the first completed
fiscal year] 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. Real
property, as used herein, includes land, improvements to
land, land and nonoperating property of railroads, land
and nonoperating 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
55% 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 not apply to public
utility operating property.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 8, 1975.