814                                     LAWS OF MARYLAND                                 Ch. 212

6.  NEW STATEWIDE ADJUSTED ASSESSABLE
BASE MEANS THE PRIOR YEAR'S STATEWIDE ASSESSABLE BASE, OR
STATEWIDE ADJUSTED ASSESSABLE BASE WHICHEVER IS APPLICABLE,
INCREASED BY THE PERCENTAGE INCREASE OF THE NEW STATEWIDE
FULL CASH VALUE OVER THE PRIOR YEAR'S STATEWIDE FULL CASH
VALUE OR 6 PERCENT, WHICHEVER IS LESS; AND

7.  GROWTH FACTOR MEANS_____THE

PERCENTAGE DETERMINED BY DIVIDING THE NEW STATEWIDE ADJUSTED
ASSESSABLE BASE BY THE NEW STATEWIDE FULL CASH VALUE.

(iii) [There is a special allowance equal
to 5 percent of the current value of the homestead property
in recognition of the unprecedented increase in the value of
homestead property due to inflation.] FOR THE PURPOSES OF
DETERMINING ASSESSMENTS THAT WILL BE SUBJECT TO TAXATION
DURING THE 1980-1981 TAXABLE YEAR, AND FOR EACH SUBSEQUENT
TAXABLE YEAR, ON OR BEFORE JANUARY 1 OF EACH YEAR, THE
DEPARTMENT SHALL COMPUTE THE PERCENTAGE INCREASE OF THE NEW
STATEWIDE FULL CASH VALUE OVER THE PRIOR YEAR'S STATEWIDE
FULL CASH VALUE. IN ADDITION, THE DEPARTMENT SHALL COMPUTE
A NEW ADJUSTED STATEWIDE ASSESSABLE BASE BY INCREASING THE
STATEWIDE ASSESSABLE BASE AS OF THE PRIOR JULY 1 BY THE
LESSER OF THE PERCENTAGE INCREASE IN THE STATEWIDE FULL CASH
VALUE OR 6 PERCENT. THE DEPARTMENT SHALL THEN CALCULATE THE
GROWTH FACTOR TO BE USED TO DETERMINE INDIVIDUAL ASSESSMENTS
FOR THE PURPOSES OF TAXATION IN THE ENSUING TAXABLE YEAR BY
DIVIDING THE NEW ADJUSTED STATEWIDE ASSESSABLE BASE BY THE
NEW STATEWIDE FULL CASH VALUE.

(iv) [For the taxable year beginning July
1, 1978, the assessments of record of all homestead
properties shall be adjusted in accordance with
subparagraphs (n) and (iii). All tax bills for the taxable
year beginning July 1, 1978 based upon assessments relating
to the January 1, 1978 date of finality shall contain a
notice advising the taxpayer of the special allowance
provided by Section 14(b) (1) (m) above. Any taxpayer
entitled to the special allowance who did not receive the
allowance on the tax bill may claim a refund for any excess
taxes paid relating to the amount of the special allowance.]
FOR THE PURPOSES OF DETERMINING ASSESSMENTS THAT WILL BE
SUBJECT TO TAXATION BY THE STATE, COUNTIES, BALTIMORE CITY,
MUNICIPAL CORPORATIONS, AND SPECIAL TAXING DISTRICTS, DURING
THE 1980-1981 TAXABLE YEAR AND FOR EACH SUBSEQUENT TAXABLE
YEAR, ON OR BEFORE JANUARY 1 OF EACH YEAR THE DEPARTMENT
SHALL ADJUST THE FULL CASH VALUE OF EACH PROPERTY SUBJECT TO
VALUATION UNDER THE PROVISIONS OF SUBPARAGRAPH (III) ABOVE
BY MULTIPLYING THE AMOUNT OF THE NEW FULL CASH VALUE THAT
WILL BE THE BASIS FOR THE ASSESSMENT IN THE FIRST, SECOND,
AND THIRD YEARS OF THE 3-YEAR CYCLE, BY THE APPLICABLE
GROWTH FACTOR IN ORDER TO DETERMINE THE ASSESSMENT FOR
PURPOSES OF TAXATION IN THE NEXT TAXABLE YEAR.

(2) ALL REAL PROPERTY DESCRIBED IN SECTIONS
19(B), (D), (E), AND (F) OF THIS ARTICLE SHALL BE VALUED AT
ITS FULL CASH VALUE LESS AN ALLOWANCE FOR INFLATION OF 50

PERCENT OF THE CURRENT VALUE.