996

LAWS OF MARYLAND

Ch. 314

the estimated assessable base AND THE INFLATION GROWTH
FACTOR TO BE USED IN THE ENSUING TAXABLE YEAR DETERMINED IN
ACCORDANCE WITH § 14(B)(2) OF THIS ARTICLE in a newspaper of
general circulation in each county and Baltimore City for at
least two consecutive weeks and shall also notify each
taxing authority of the constant yield tax rate which will
provide the same property tax revenue for each taxing
authority as was levied during the current taxable year
reduced by (1) any additional revenues received pursuant to
Article 15A, § 37 solely as a result of the enactment of

House Bill 1252 or Senate Bill 912, Chapter ____ of the Acts

of the 1978 General Assembly and (2) the amount of revenues
required to be paid pursuant to Article 43, § 42A for
taxable year 1977-1978. For the purpose of calculating the
constant yield tax rate, the Department shall use the
estimated full assessable base as of the date of finality of
the next taxable year, exclusive of properties appearing for
the first time on the assessment records.

(2) For the taxable year beginning July 1,
[1978] 1979, the Department may amend the constant yield tax
rate on or before April 15, [1978] 1979, in order to reflect
[the special allowance for homestead property required in-§
14(b)(1) of this article] ANY LEGISLATION ENACTED BY THE
1979 MARYLAND GENERAL ASSEMBLY.

(2) For the taxable year beginning July 1,
[1978] 1979, AND EACH YEAR THEREAFTER the Department may
amend the constant yield tax rate on or before [April 15,
1978, in order to reflect the special allowance for
homestead property required in § 14(b)(1) of this article.]
MAY 1 PRECEDING THE TAXABLE YEAR ONLY WHEN SPECIFICALLY
DIRECTED TO DO SO THROUGH THE ENACTMENT OF LEGISLATION OR TO
CORRECT AN ERROR IN THE RATE.

SECTION 2. AND BE IT FURTHER ENACTED, That the

Department of Assessments and Taxation shall amend the
constant yield tax rate for the taxable year beginning July
1, 1979 and for all subsequent taxable years to reflect the
changes in assessable base resulting from this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That all tax

bills for the taxable year beginning July 1, 1979 based upon
assessments relating to the January 1, 1979 of finality
shall contain a notice advising the taxpayer of the change
in valuation and assessment resulting from the provisions of
this Act. For the taxable year beginning July 1, 1979 only,
no taxpayer shall receive an increase in assessment over the
assessment with the date of finality of January 1, 1979.

SECTION -4- 2. AND BE IT FURTHER ENACTED, That for the
purpose of any private contract or covenant entered into or
imposed prior to the effective date of this Act which
provides for payments or charges assessed upon or determined