1554                                       LAWS OF MARYLAND                                 Ch. 420

Assembly of 1978) be repealed, amended, or enacted to read
as follows:

Article — Education

5-202.

(a) (5) "Real property" includes:

(i) Any interest in land or improvements
to land;

(ii) Land and nonoperating property of
railroads and public utilities; [and]

(iii) Operating property of public

utilities classified as real property by the Department of

Assessments and Taxation; AND

(IV) PERSONAL PROPERTY OF PUBLIC UTILITIES

AND PUBLIC UTILITY SHARES, BUT FOR PURPOSES OF DETERMINING
ADJUSTED ASSESSED VALUATION OF REAL PROPERTY AS DEFINED IN

THIS SUBPARAGRAPH, THE VALUE SHALL BE COMPUTED AT:

(A) FOR THE FISCAL YEAR 1979, 30
PERCENT OF THE FULL CASH VALUE;

(B) FOR THE FISCAL YEAR 1980, 60
PERCENT OF THE FULL CASH VALUE;

(C) FOR THE FISCAL YEAR 1981, 80
PERCENT OF THE FULL CASH VALUE; AND

(D) FOR THE FISCAL YEAR 1982 AND

ALL FISCAL YEARS AFTER, THE FULL CASH VALUE.

(b) (2) The State shall share in an expenditure for
basic current expenses of [$624] $690 multiplied by the
number of students enrolled.

(3) To be eligible to receive the State share
of basic current expenses, the county governing body shall
levy an annual tax sufficient to provide an amount of
revenue for elementary and secondary public education
purposes equal to the product of the wealth of the county
and a uniform percentage determined for each fiscal year.
This uniform percentage shall be determined as follows: the
sum of the basic current expenses to be shared for all of
the counties shall be multiplied, FOR THE FIRST $624, by
0.45, FOR THE ADDITIONAL $66, BY 0.50 and this product shall
then be divided by the sum of the wealth of all of the
counties; the resulting quotient, expressed as a percentage
rounded to the third decimal place, is the uniform
percentage.

(f) "Real property" includes: