HARRY HUGHES, Governor

813

(1) (i) All real property [directed in this
article to be assessed shall be assessed at its full cash
value on the date of finality. Subject to the provisions of
subparagraph (ii), the term full cash value as used in this
subsection means current value less an allowance for
inflation of 50 percent of the current value] REQUIRED BY
THIS ARTICLE TO BE ASSESSED SHALL BE VALUED AT ITS FULL CASH
VALUE ON THE DATE OF FINALITY. EXCEPT FOR THAT REAL
PROPERTY DESCRIBED IN SECTION 14(B)(2) OF THIS ARTICLE, THE
DEPARTMENT SHALL ADJUST THE FULL CASH VALUE OF ALL REAL
PROPERTY SUBJECT TO VALUATION AND ASSESSMENT FOR PURPOSES OF
TAXATION BY THE STATE, COUNTIES, AND BALTIMORE CITY,
MUNICIPAL CORPORATIONS, AND SPECIAL TAXING DISTRICTS UNDER
THE PROVISIONS OF THIS PARAGRAPH (1) BY MAKING THE
CALCULATIONS REQUIRED BY THIS PARAGRAPH (1).

(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).] AS USED IN THIS PARAGRAPH (1), THE FOLLOWING TERMS"
HAVE THE MEANINGS INDICATED;

1.  FULL CASH VALUE MEANS CURRENT
VALUE;

2.  3-YEAR CYCLE MEANS A CONTINUOUS
SERIES OF 3-CALENDAR YEAR PERIODS. THE FIRST 3-YEAR CYCLE
BEGINS WITH THE PHYSICAL INSPECTIONS CONDUCTED DURING 1979
WHICH HAVE A DATE OF FINALITY OF JANUARY 1, 1980 AS REQUIRED
BY SECTION 232 OF THIS ARTICLE AND ENDS WITH THE PHYSICAL
INSPECTIONS CONDUCTED DURING CALENDAR YEAR 1981 WHICH HAVE A
DATE OF FINALITY OF JANUARY 1, 1982. EACH SUBSEQUENT CYCLE
SHALL BEGIN ON THE FIRST CALENDAR YEAR AFTER THE FINAL YEAR
OF THE PREVIOUS CYCLE AND END 3-CALENDAR YEARS LATER;

3.  STATEWIDE FULL CASH VALUE MEANS
THE TOTAL FULL CASH VALUE OF ALL REAL PROPERTY SUBJECT TO
TAXATION AS OF JANUARY 1 OF ANY YEAR OF A 3-YEAR CYCLE;

4.  STATEWIDE ASSESSABLE BASE MEANS
THE TOTAL ASSESSABLE BASE AS OF JANUARY 1, OF ANY YEAR OF A
3-YEAR CYCLE OF ALL REAL PROPERTY SUBJECT TO TAXATION
EXCLUDING THE ESTIMATED ASSESSED VALUE OF NEW PROPERTY THAT
WILL BE FIRST ASSESSED DURING THE ENSUING CALENDAR YEAR;

5.  NEW STATEWIDE FULL CASH VALUE
MEANS THE STATEWIDE FULL CASH VALUE AS OF JANUARY 1
PRECEDING THE TAXABLE YEAR FOR WHICH THE ASSESSMENTS WILL
APPLY EXCLUDING THE ESTIMATED FULL CASH VALUE OF NEW
PROPERTY THAT WILL BE FIRST VALUED DURING THE ENSUING
CALENDAR YEAR;