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HARRY HUGHES, Governor
297
FOR the purpose of clarifying the calculation of the
constant yield tax rate; permitting the Department of
Assessments and Taxation to amend the constant yield
tax rate on or before April 15; clarifying the
language and intention of the statement of the constant
yield tax rate required to be distributed with or
placed on property tax bills of taxpayers of the
counties and Baltimore City; and making this Act and an
emergency measure.
BY repealing and reenacting, with amendments,
Article 81 - Revenue and Taxes
Section 232C(b) and (h)(2)
Annotated Code of Maryland
(1975 Replacement Volume and 1978 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:
Article 81 - Revenue and Taxes
232C.
(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 advertise the estimated
assessable base in a newspaper of general circulation in
each county and Baltimore City for at least two consecutive
weeks and shall also 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 reduced FOR THE TAXABLE YEAR
1978-1979 ONLY by (1) any additional revenues received
pursuant to Article 15A, § 37 solely as a result of the
enactment of [House Bill 1252 or Senate Bill 912,
Chapter 1 CHAPTERS 178 AND 179 of the Acts of the 1978
General Assembly and (2) the amount of revenues required to
be paid pursuant to Article 43, § 42A for taxable year
1977-1978. 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.
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