MARVIN MANDEL, Governor

3095

Approved May 15, 1975.

CHAPTER 684
(House Bill 446)

AN ACT concerning

Real Property Taxes — Inflation Allowance

FOR the purpose of requiring that changes in the
allowance for inflation in the assessment of real
property be by legislative enactment or by executive
order subject to approval by the General Assembly;
and clarifying language.

BY repealing and re-enacting, with amendments,

Article 81 — Revenue and Taxes

Section 14(b)

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 14(b) of Article 81 - Revenue and
Taxes, 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hereby repealed and re—enacted, with amendments, to read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 81 — Revenue and Taxes
14.

(b) Except as hereinafter provided:

(1)    All real property directed in this article to
be assessed [,] shall be assessed at [the] ITS full cash
value [thereof] on the date of finality. The term full
cash value as used in this subsection [shall mean] MEANS
current value less an allowance for inflation, if in fact
inflation exists, HOWEVER, ANY CHANGE IN THE INFLATION
ALLOWANCE SHALL BE AS PROVIDED BY LEGISLATIVE ENACTMENT
OR BY EXECUTIVE ORDER SUBJECT TO APPROVAL BY THE GENERAL
ASSEMBLY PRIOR TO THE ORDER BECOMING EFFECTIVE.

(2)    All personal property directed in this article
to be assessed[,] shall be assessed at [the] ITS full