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2286 LAWS OF MARYLAND Ch. 4 56
credit shall be to the extent of 40 percent of the
increase in assessed valuation of the property
attributable to that reconstruction.
(v) Thereafter, a credit for the
purposes of this subsection may not be allowed.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 17, 1977.
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CHAPTER 457
(House Bill 616)
AN ACT concerning
Taxes — Rate of Interest on Refund
FOR the purpose of providing that the rate of interest on
refund of taxes certain amounts upon final
determination of an appeal shall be at the same
interest rate as charged for taxes overdue and in
arrears; deleting reference to a specific interest
rate; and clarifying language.
BY repealing and reenacting, with amendments,
Article 81 — Revenue and Taxes
Section 261
Annotated Code of Maryland
(1975 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 261 of Article 81 - Revenue and
Taxes, of the Annotated Code of Maryland (1975
Replacement Volume and 1976 Supplement) be and it is
hereby repealed and reenacted, with amendments, to read
as follows:
Article 81 - Revenue and Taxes
261.
Upon final determination of any appeal, any money
paid BY THE TAXPAYER in excess of the amount properly
chargeable under [such] THE determination, shall be
refunded with interest at the SAME rate of [six per
cent. (6%) per annum from the date of payment to the
date of refund. The sources of refund shall be AS
specified in the applicable provisions of §§ 213 to 219,
inclusive, of this article] , HOWEVER, FOR TAX BILLS
ISSUED AFTER JULY 1, 1977, UPON FINAL DETERMINATION OF
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