992                                     LAWS OF MARYLAND                                 Ch. 314

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 FULL CASH VALUE OF THE PROPERTY BY THE
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.

[(2)] (3) All personal property directed in this
article to be assessed shall be assessed at its full cash
value on the date of finality. The term full cash value as
used in this subsection means current value without any
allowance for inflation. In determining this value, the
assessing authority shall consider any sums paid in
connection with the acquisition of the property when
acquired through a purchase or lease purchase or other
similar kind of agreement for transfer of title after a
period of use of the property.

[(3)] (4) All operating property of railroads,
public utilities, and contract carriers, and all shares of
stock of domestic corporations the shares of which are
subject to taxation by this article, shall be assessed in
accordance with the provisions of §§ 16 and 20 of this
article, subject, however, to the provisions of § 9 hereof.
To the extent that the personal property of the classes of
taxpayers mentioned in this subsection is subject to
taxation by this article, said personal property shall be
assessed in accordance with provisions of paragraph [(2)]
(3) hereof.

[(4)] (5) In order to encourage the use and
installation of solar energy heating and cooling units in
existing or newly constructed buildings, solar energy
heating and cooling units in residential or nonresidential
buildings shall be [ assessed ] VALUED at no more than the
value of a conventional heating and cooling unit necessary
to serve the building. If a building has both conventional
and solar heating and cooling units, the combined units
shall be [ assessed ] VALUED at no more than the value of
a conventional heating and cooling" unit necessary to serve
the building.

29.

(a) Before (1) any existing valuation of property for
tax purposes shall be increased, or (2) any classification
of any property changed, or (3) any new valuation of
property made against any person; or (4) whenever any person