482

LAWS OF MARYLAND

Ch. 22

(B)   ADJUSTED ASSESSED VALUATION OF REAL PROPERTY.

(1)     "ADJUSTED ASSESSED VALUATION OF REAL
PROPERTY" MEANS THE MOST RECENT ESTIMATE BY THE DEPARTMENT
OF ASSESSMENTS AND TAXATION BEFORE THE STATE BUDGET IS
SUBMITTED TO THE GENERAL ASSEMBLY, OF THE ASSESSED VALUE OF
REAL PROPERTY FOR STATE PURPOSES AS OF JULY 1 OF THE FIRST
COMPLETED FISCAL YEAR BEFORE THE FISCAL YEAR FOR WHICH THE
CALCULATION OF STATE LIBRARY AID IS MADE UNDER THIS
SUBTITLE.

(2)    IF THE DEPARTMENT OF ASSESSMENTS AND
TAXATION ESTIMATES THAT SEAL PROPERTY IN ANY COUNTY IS
ASSESSED AT OTHER THAN 55 PERCENT OF MARKET VALUE, THE
ASSESSED VALUATION OF THOSE CATEGORIES OF REAL PROPERTY
THAT ARE ESTIMATED TO BE ASSESSED AT OTHER THAN 55 PERCENT
OF MARKET VALUE, ON THE BASIS OF SURVEYS MADE UNDER ARTICLE
81, §232(14) OF THE CODE THAT ARE REPORTED ON OR BEFORE
NOVEMBER 1 OF THE FIRST CALENDAR YEAR BEFORE THE FISCAL YEAR
FOR WHICH THE CALCULATION IS MADE, SHALL BE ADJUSTED TO 55
PERCENT. THIS ADJUSTMENT DOES NOT APPLY TO PUBLIC UTILITY
OPERATING PROPERTY.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the first, third,
and fourth sentences of Art. 77, §176 (a) (5)-

The second sentence of present Art. 77, §176 (a)
(5), which defines "real property" now appears in
subsection (f) of this section.

(C)   CAPITAL EXPENSE.

"CAPITAL EXPENSE" MEANS PRINCIPAL AND INTEREST
PAYMENTS, OR CURRENT CAPITAL SPENDING OR ACCUMULATION FOR:

(1)   THE PURCHASE OF LAND FOR LIBRARIES;

(2)    THE PURCHASE AND CONSTRUCTION OF LIBRARY
BUILDINGS;

(3)   REMODELING AND ADDING TO LIBRARY BUILDINGS;
AND

(4)    THE PURCHASE OF EQUIPMENT AND FURNITURE FOR
THESE LIBRARY BUILDINGS.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from Art. 77,
§176 (a) (7).

The present specific definition of "debt service"
is inserted in this subsection.

Present Art. 77, §176(a)(1) which defines
"county" as including Baltimore City is deleted
as unnecessary in light of the definition of
"county" in §1-101 of this article.