HARRY HUGHES, Governor                                 991

PROPERTY THAT WILL BE FIRST VALUED DURING THE ENSUING
CALENDAR YEAR;

6.  NEW ADJUSTED STATEWIDE ADJUSTED
ASSESSABLE BASE MEANS THE PRIOR YEAR'S STATEWIDE ADJUSTED
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 ROUNDED
TO NO LESS THAN 6 DECIMAL PLACES.

(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 TAXABLE YEAR
BEGINNING JULY 1, 1979, FULL VALUES REPRESENTED BY THE
ASSESSMENTS OF RECORD FOR THE 1978-79 TAXABLE YEAR SHALL BE
ADJUSTED BY AN INFLATION FACTOR DETERMINED IN ACCORDANCE
WITH SUBSECTION (B)(1)(II) ABOVE SO THAT THE 1979 STATE REAL
PROPERTY ASSESSABLE BASE WILL BE 6 PERCENT GREATER THAN THE
1978 STATE REAL PROPERTY ASSESSABLE BASE. THE INFLATION
FACTOR FOR THE 1979 TAXABLE YEAR SHALL BE 50.29 PERCENT ON
OR BEFORE JANUARY 1 OF EACH YEAR, 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 LAST 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 (ii) 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) (iii) 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