1910

LAWS OF MARYLAND

Ch. 531

this section. If the State Department of Assessments and
Taxation estimates that real property in any county is
assessed at other than 50 percent of market value, the
assessed valuation of those categories of real property that
are estimated to be assessed at other than 50 percent of
market value, on the basis of surveys made under Article 81,
§ 232(14) of the Code, that are reported on or before
November 1 of the first calendar year before the school year
for which the calculation is made, shall be adjusted to 50
percent. This adjustment does not apply to public utility
operating property OR TO PREFERENTIALLY ASSESSED
AGRICULTURAL PROPERTY. PREFERENTIALLY ASSESSED AGRICULTURAL
LAND SHALL BE INCLUDED IN THE ADJUSTED ASSESSED VALUATION AT
50 PERCENT OF FARM USE VALUATION AS DETERMINED IN ACCORDANCE
WITH FARM USE ASSESSMENT STANDARDS ESTABLISHED BY THE
DEPARTMENT OF ASSESSMENTS AND TAXATION.

(3)  "Basic current expenses" means the
expenditures made by a county from State and county revenue
for public elementary and secondary education exclusive of:

(i) Payments for debt service, capital
outlay, and transportation of students;

(ii) State aid for handicapped children
paid under §§ 8-417.2 and 8-417.3 of this article;

(iii) State aid for driver education paid
under the Maryland Driver Education Program Act; and

(iv) State aid for food services.

(4)  "Net taxable income" means the amount
certified by the State Comptroller for the second completed
calendar year before the school year for which the
calculation of State aid under this section is made, based
on tax returns filed on or before July 1 after this calendar
year.

(5)  "Real property" includes:

(i) Any interest in land or improvements
to land;

(ii) Land and nonoperating property of
railroads and public utilities; and

(iii) Operating property of public
utilities classified as real property by the Department of
Assessments and Taxation.

(6)  "ASSESSED VALUE OF PERSONAL PROPERTY" MEANS
THE ASSESSED VALUATION FOR COUNTY PURPOSES OF TANGIBLE
PERSONAL PROPERTY, RAILROAD PROPERTY, PUBLIC UTILITY
PERSONAL PROPERTY, AND PUBLIC UTILITY SHARES.

(6) (7) "Students" or "students enrolled" means: