HARRY HUGHES, Governor

989

repealing certain provisions relating to an allowance
for inflation for homestead property; providing for the
adjustment of assessments in a certain taxable year;
providing for a limitation in any taxable year on the
State real property assessable base; providing for the
cyclical review and reassessment of real property once

in every certain number of years , with certain

exceptions; providing that a certain notice is not

required under certain conditions; requiring the

advertising of the inflation factor according to

certain provisions; establishing certain criteria and

notice requirements for the reassessment cycle;

clarifying language; and generally relating to the
assessment of real property the full cash value of
certain real property required to be taxed by local
governments shall be adjusted annually by specified
calculations; providing for definitions for and the
manner of calculating these adjustments; repealing
provisions requiring adjustment of the full cash value
of certain real property by an inflation allowance;
changing the annual valuation of real properties to a
3-year period of assessment review and providing for
the manner of assessing real property during a 3-year
cycle; specifying the requirements for assessment
notices; changing the time for determining and amending
the constant yield tax rate and the calculations to
determine the rate; correcting certain provisions of
the assessment laws; providing for correction of
assessment notices previously sent to taxpayers; and
relating to the assessment and valuation of properties
subject to real property taxation.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 14(b)(1), 29(a), 232(8)(a) (b), and (c), and

232C(b)
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be repealed, amended, or enacted to read as follows: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
14.

(b) Except as hereinafter provided:

(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-]- 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 VALUED ASSESSED SHALL BE