MARVIN MANDEL, Governor

1257

each county and in the State as a whole, respectively, to
obtain the wealth per capita in each county and in the
State. The per capita wealth in each county shall be
divided by the per capita wealth in the State as a whole
to obtain the ratio of local wealth per capita to State
wealth per capita. This ratio shall be multiplied by 70
percent to determine the local percentage share. The
State's percentage share shall be obtained by subtracting
the local percentage share from 100 percent. No
participating county shall receive less State aid than 20
percent of the cost of the program in which the State
shares. In making these computations the average local
population and assessment data for three preceding years
shall be used.] "ADJUSTED ASSESSED VALUATION OF REAL
PROPERTY" SHALL BE THE MOST RECENT 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 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 FISCAL YEAR FOR
WHICH THE CALCULATION OF LIBRARY AID PURSUANT TO THIS
SECTION IS MADE. "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
55% OF MARKET VALUE, ON THE BASIS OF SURVEYS MADE
PURSUANT TO SECTION 232 (14) OF ARTICLE 81, WHICH SHALL BE
REPORTED AS OF A DATE NOT LATER THAN NOVEMBER 1 OF THE
CALENDAR YEAR PRECEDING THE FISCAL 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.

(6) "NET TAXABLE INCOME" SHALL BE AS CERTIFIED BY
THE COMPTROLLER OF THE TREASURY FOR THE SECOND COMPLETED
CALENDAR YEAR PRECEDING THE FISCAL YEAR FOR WHICH THE
CALCULATION OF LIBRARY AID PURSUANT TO THIS SECTION IS
MADE. BASED UPON TAX RETURNS FILED ON OR BEFORE JULY 1
SUCCEEDING THE SAID CALENDAR YEAR.

(c) For each county which elects to participate in
the cooperative program, there shall be provided annually
for the purposes of the minimum program for current
expenditures of libraries from local and State funds, an
amount for each resident of the county which is not less
than [one dollar and eighty cents ($1.80)] $3. The
State shall share in an expenditure of [one dollar and