BLAIR LEE III, Acting Governor

1175

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.] OF 50 PERCENT OF THE CURRENT
VALUE.

(II)   IN ESTABLISHING THE FULL CASH VALUE
ON THE DATE OF FINALITY OF ALL HOMESTEAD PROPERTY DIRECTED
IN THIS ARTICLE TO BE ASSESSED, THE TERM FULL CASH VALUE
MEANS CURRENT VALUE LESS THE AGGREGATE OF THE ALLOWANCE FOR
INFLATION FOR ALL REAL PROPERTY IN SUBPARAGRAPH (I) AND THE
SPECIAL ALLOWANCE FOR HOMESTEAD PROPERTY IN SUBPARAGRAPH

(III).

(III)  THERE IS A SPECIAL ALLOWANCE EQUAL TO
5 PERCENT OF THE CURRENT VALUE OF THE HOMESTEAD PROPERTY

WHICH SHALL BE CONSTRUED TO INCLUDE ANY COMMISSIONS, FEES,

OR SETTLEMENT COSTS, AND THE VALUE OF ANY ITEMS OF---PERSONAL

PROPERTY WHICH MAY BE INCLUDED IN OR ATTRIBUTED TO THE

CHANGE OF OWNERSHIP OF HOMESTEAD PROPERTY IN RECOGNITION__OF

THE UNPRECEDENTED INCREASE IN THE VALUE OF HOMESTEAD

PROPERTY DUE TO INFLATION.

(IV)   FOR THE TAXABLE YEAR BEGINNING JULY
1, 1978, THE ASSESSMENTS OF RECORD OF ALL HOMESTEAD
PROPERTIES SHALL BE ADJUSTED IN ACCORDANCE WITH
SUBPARAGRAPHS (II) AND (III). ALL TAX BILLS FOR THE TAXABLE
YEAR BEGINNING JULY 1, 1978 BASED UPON ASSESSMENTS RELATING

TO THE JANUARY 1, 1978 DATE OF FINALITY SHALL__CONTAIN__A

NOTICE ADVISING THE TAXPAYER OF THE SPECIAL ALLOWANCE

PROVIDED BY SECTION 14(B)(l)(III) ABOVE. ANY__TAXPAYER

ENTITLED__TO THE SPECIAL ALLOWANCE WHO DID NOT RECEIVE THE

ALLOWANCE ON THE TAX BILL MAY CLAIM A REFUND FOR ANY__EXCESS

TAXES PAID RELATING TO THE AMOUNT OF THE SPECIAL ALLOWANCE.

14A.

(A)    AS USED IN THIS SECTION, AND AS USED IN SECTION
14, THE TERM "HOMESTEAD" MEANS A SINGLE FAMILY OR TWO-FAMILY
OWNER-OCCUPIED RESIDENTIAL DWELLING. THE TERM INCLUDES THE
DWELLING, THE LAND UPON WHICH THE DWELLING IS SITUATED, AND
OTHER LAND AND OTHER IMPROVEMENTS THAT ARE USED PRIMARILY AS
ACCESSORIES TO THE DWELLING AND NOT FOR INDEPENDENT
COMMERCIAL PURPOSES. IF THE PROPERTY IS USED AS A SINGLE
FAMILY OWNER-OCCUPIED RESIDENTIAL DWELLING, BUT A RESIDENT
OF IT DERIVES INCOME FROM THE PROPERTY, THE DEPARTMENT OF
ASSESSMENTS AND TAXATION SHALL APPORTION THE TOTAL PROPERTY
ASSESSMENT BETWEEN THAT PORTION OF THE PROPERTY USED FOR
RESIDENTIAL PURPOSES AND THAT PORTION OF THE PROPERTY USED
FOR INDEPENDENT COMMERCIAL PURPOSES.

(B)    THE STATE DEPARTMENT OF ASSESSMENTS AND     TAXATION
SHALL MAY PROMULGATE RULES AND REGULATIONS      FOR THE

INTERPRETATION AND IMPLEMENTATION OF THIS SECTION AS__IT

DEEMS NECESSARY.

232C.