2632                                 LAWS OF MARYLAND                               Ch. 763

232C.

(a) (3) "Department" means the State Department of
Assessments and Taxation.

(b) (1) Prior to February 15 of each year the
Department shall notify each taxing authority of an estimate
of the total assessed value of all real and personal
property within its jurisdiction for the next taxable year.
The Department shall also send to each taxing authority an
estimate of the total assessed value of all new construction
and improvements not assessed as of the preceding date of
finality, and the value of deletions from the assessed
valuation. After excluding from the estimate of assessed
valuation the value of such new construction, improvements,
and deletions, the Department shall advertise the estimated
assessable base and the growth factor to be used in the
ensuing taxable year determined in accordance with § 14(b)
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 for the taxable year
[1978-1979 only by (1) any additional revenues received
pursuant to Article 15A, § 37 solely as a result of the
enactment of Chapters 178 and 179 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
1977-19781 1980-1981 ONLY BY ANY RETROACTIVE ADDITIONAL
CREDIT AMOUNTS REQUIRED TO BE PAID BY EACH TAXING AUTHORITY
PURSUANT TO ARTICLE 81, SECTION 12F-7(K) SOLELY AS A RESULT
OF THE ENACTMENT OF CHAPTERS AND OF THE ACTS OF THE
1980 GENERAL ASSEMBLY. 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.

SECTION 2. AND BE IT FURTHER ENACTED, That the
Department of Assessments and Taxation for the 1980-1981
Fiscal Year only shall revise the constant yield property
tax rate calculated pursuant to Section 232C of Article 81
for each county and Baltimore City to exclude from revenue
the retroactive additional credits required to be paid
pursuant to Section 1 of this Act.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 27, 1980.