1174

LAWS OF MARYLAND

Ch. 175

MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 - Revenue and Taxes

14.

(a) Real and personal property shall be separately
classified [,] and [personal property separately]
subclassified for assessment pruposes purposes AS PROVIDED
IN THIS ARTICLE.

(1)    The following shall be separately
subclassified for the purposes of personal property
assessments:

[(1)] (I) Stock in business.

[(2)] (II) Distilled spirits.

[(3)] (III) Operating property of railroads,
contract carriers, and certain other transportation property
as described in § 8(4) of this article.

[(4)] (IV) Operating property of public
utilities and certain transportation property as described
in § 8(5) of this article.

[(5)] (V) All other personal property directed
in this article to be assessed.

(2)    THE FOLLOWING SHALL BE SEPARATELY
SUBCLASSIFIED FOR PURPOSES OF REAL PROPERTY ASSESSMENT:

(I)    LANDS ACTIVELY DEVOTED TO FARM OR
AGRICULTURAL USE.

(II)   WOODLAND.

(III)  COUNTRY CLUBS SUBJECT TO AGREEMENTS
WITH THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION.

(IV)   PLANNED DEVELOPMENT LANDS.

(V)    HOMESTEADS.

(VI)       ALL OTHER REAL PROPERTY DIRECTED IN
THIS ARTICLE TO BE ASSESSED.

(b) Except as hereinafter provided:

(1) (I) All real property directed in this
article to he assessed shall be assessed at its full cash
value on the date of finality. [The] SUBJECT TO THE
PROVISIONS OF SUBPARAGRAPH (II), THE tern full cash value as
used in this subsection means current value less an
allowance for inflation [, if in fact inflation exists,