990                                     LAWS OF MARYLAND                                 Ch. 314

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).] THE EFFECTIVE ASSESSMENT USED IN THE CALCULATION OF
TAX BILLS SHALL BE THE FULL CASH VALUE REFERRED TO IN

PARAGRAPH (I) ABOVE, LESS AN INFLATION FACTOR TO BE

DETERMINED ANNUALLY THAT WILL PRODUCE AN INCREASE IN THE
TOTAL STATE REAL PROPERTY ASSESSABLE BASE OF NO MORE THAN 6
PERCENT OVER THE REAL PROPERTY ASSESSABLE BASE OF THE
PREVIOUS TAXABLE YEAR. THE INFLATION FACTOR SO DETERMINED

SHALL BE USED STATEWIDE IN ADJUSTING ALL FULL VALUE

ASSESSMENTS TO EFFECTIVE ASSESSMENTS. 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 1978
1979 WHICH HAVE A DATE OF FINALITY OF JANUARY 1, 1979 1980
AS REQUIRED BY SECTION 232 OF THIS ARTICLE AND ENDS WITH THE
PHYSICAL INSPECTIONS CONDUCTED DURING CALENDAR YEAR 1980
1981 WHICH HAVE A DATE OF FINALITY OF JANUARY 1, 1981 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 THAT IS SUBJECT TO TAXATION BY THE
COUNTIES AND BALTIMORE CITY 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 BY THE
COUNTIES AND BALTIMORE CITY 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