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3624 LAWS OF MARYLAND Ch. 964
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AN ACT concerning
Real Property — Tax Assessment and Taxation
FOR the purpose of requiring that on or before a certain
date the Department of Assessments and Taxation
prepare certain estimates of property taxes to be
collected in the current taxable year, estimates of
the assessable tax base for the following taxable
year and the tax rate on the assessable base for the
following taxable year which will equivalently raise
the property tax levy, the property tax, and the
difference between the tax rates for the current
fiscal year; and providing for distribution of these
lists establishing a tax rate for certain property
taxes, based on a certain formula; enumerating
certain procedures for the determination of this tax
rate; providing procedures for increasing the
constant yield tax rate; defining certain terms;
prohibiting a tax rate in excess of a certain
maximum; permitting the reduction of a tax rate; and
generally relating to county, Baltimore City, and
municipal real property taxation.
BY adding to
Article 81 - Revenue and Taxes
Section 232C
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 new Section 232C be and it is hereby added
to Article 81 — Revenue and Taxes, of the Annotated Code
of Maryland (1975 Replacement Volume and 1976 Supplement)
to read as follows:
Article 81 - Revenue and Taxes
232C.
(A) ON OR BEFORE JANUARY 1 OF EACH YEAR THE
DEPARTMENT OF ASSESSMENTS AND TAXATION SHALL PREPARE A
LISTING OF:
(1) THE ESTIMATE OF PROPERTY TAXES TO BE
COLLECTED BY EACH COUNTY AND BY BALTIMORE CITY DURING THE
CURRENT TAXABLE YEAR,
(2) THE ESTIMATE OF THE ASSESSABLE BASE FOR
COUNTY TAX PURPOSES FOR THE NEXT TAXABLE YEAR BEGINNING
THE NEXT JULY 1,
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(3) THE TAX RATE (ROUNDED UP TO THE NEAREST
CENT) ON THE ASSESSABLE BASE FOR THE NEXT TAXABLE YEAR
THAT WILL RAISE AN EQUIVALENT AMOUNT OF THE PROPERTY TAX
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