BLAIR LEE III, Acting Governor

1067

{a) (1) In valuing and assessing real estate, the
land itself and the buildings or other improvements thereon
shall be valued and assessed separately; and buildings or
improvements not substantially completed on the date of
finality, semiannual date of finality or quarterly date of
finality shall not be assessed at all. Provided further,
however, that land may be reassessed whenever it has been
subdivided or the character or use is changed after the date
of finality but before the semiannual date of finality- The
recording of a plat which is necessary for the purpose of
construction of streets, water or sewer facilities shall not
constitute a change in use or character except for the
purposes of description [and recording dual assessments as
required by subsections (b) and (f) of this section].

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved April 11, 1978.

CHAPTER 115

(House Bill 281)

AN ACT concerning

Transfer Taxes — Dedication of Revenue

FOR the purpose       of authorizing the dedication and

expenditure of   a percentage of revenues received from

local transfer   taxes for the payment of debts and costs

incurred for     the construction of water and wastewater
facilities.

BY adding to

Article 81 — Revenue and Taxes

Section 278C

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 — Revenue and Taxes

278C.

BEGINNING WITH REVENUES RECEIVED IN THE 1978 FISCAL
YEAR, ANY COUNTY WHICH IMPOSES A TRANSFER TAX AUTHORIZED BY