1176

LAWS OF MARYLAND

Ch. 175

(b) (1) Prior to January 15 of each year the
Department shall notify each taxing authority of an estimate
of the total assessed value of all real and personal
property within its jurisdiction for the next taxable year.
The Department shall also send to each taxing authority an
estimate of the total assessed value of all new construction
and improvements not assessed as of the preceding date of
finality, and the value of deletions from the assessed
valuation. After excluding from the estimate of assessed
valuation the value of such new construction, improvements,
and deletions, the Department shall notify each taxing
authority of the constant yield tax rate which will provide
the same property tax revenue for each taxing authority as
was levied during the current taxable year. For the purpose
of calculating the constant yield tax rate, the Department
shall use the estimated full assessable base as of the date
of finality of the next taxable year, exclusive of
properties appearing for the first time on the assessment
records.

(2) FOR THE TAXABLE YEAR BEGINNING JULY 1,
1978, THE DEPARTMENT MAY AMEND THE CONSTANT YIELD TAX RATE
ON OR BEFORE APRIL 15, 1978, IN ORDER TO REFLECT THE SPECIAL
ALLOWANCE FOR HOMESTEAD PROPERTY REQUIRED IN § 14(B)(1) OF
THIS ARTICLE.

(d) A tax rate in excess of the constant yield tax
rate may not be levied until the taxing authority implements
the following procedure:

(1)    The taxing authority shall advertise its
intent to exceed the constant yield tax rate in a newspaper
of general circulation within its jurisdiction sufficient to
give notice as determined by the Department. The taxing
authority will meet on a day, at a time and place fixed in
the advertisement, which shall be approximately 7 days after
the day that the advertisement is published, for the purpose
of hearing comments regarding any tax rate increase and to
explain the reasons for any proposed increase. The
advertisement may not be less than 1/4 page in size and the
smallest type used shall be 18 point. The advertisement may
not be placed in that portion of the newspaper where legal
notices and classified advertisements appear. In lieu of
publishing the advertisement, as provided in subsection (c)
of this section, the taxing authority may mail a copy of the
notice to each taxpayer residing within the jurisdiction of
the taxing authority. The meeting on the proposed tax rate
may coincide with the meeting on the proposed budget of the
taxing authority. The hearing shall be held not less than
14 days prior to the date by which property tax rates shall
be levied pursuant to the provision contained in a charter,
general or local law, or local ordinance.

(2)    THE TAXING AUTHORITY IS NOT REQUIRED TO
HOLD A SECOND HEARING IF THE INCREASE IN THE TAX RATE IN
EXCESS OF THE CONSTANT YIELD TAX RATE RESULTS FROM AN
AMENDED CONSTANT YIELD TAX RATE SUBMITTED BY THE DEPARTMENT
UNDER SUBSECTION (B) FOR THE TAXABLE YEAR BEGINNING JULY 1,