HARRY HUGHES, Governor

955

Director and the Department may order and enforce a
revaluation of any properties, if it appears, after a
consideration and evaluation of the results of the review
required by paragraph (a) of this subsection, that the
existing valuations upon the properties are erroneous
because they are significantly greater or less than the
valuations on other similar properties possessing
comparable values.

(e) If a revaluation under paragraph (d) above results
in an increase in full cash value, [the increase shall be
phased in in equal annual increments over the year or years
remaining in the 3-year cycle to which property in that
class or district is subject; and, the property shall
continue to be physically inspected and reviewed in that
cycle.] THE DEPARTMENT SHALL FIRST DETERMINE THE FULL CASH
VALUE THAT WOULD HAVE EXISTED HAD THE REVALUATION OCCURRED
IN THE BASE YEAR OF THE 3-YEAR CYCLE. THE BASE YEAR OF THE
3-YEAR CYCLE IS THE YEAR IMMEDIATELY PRECEDING THE FIRST
YEAR OF THE CYCLE. FOR EACH OF THE YEARS THAT REMAIN IN THE
REGULAR 3-YEAR CYCLE, THE PHASED-IN FULL CASH VALUE SHALL BE
ADJUSTED TO REFLECT THE BASE YEAR INCREASE THAT RESULTS FROM
THE REVALUATION. IN ADDITION, THE INCREASE, IF ANY, OF THE
NEW TOTAL FULL VALUE OVER THE BASE YEAR FULL VALUE SHALL BE
PHASED IN OVER THE YEARS THAT REMAIN IN THE CYCLE. THE
PROPERTY SHALL CONTINUE TO BE PHYSICALLY INSPECTED AND
REVIEWED IN THE REGULAR 3-YEAR CYCLE.

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

Approved April 22, 1980.

CHAPTER 182

(House Bill 739)

AN ACT concerning

Income Tax - Information Returns

FOR the purpose of granting the Comptroller authority to
require information returns under certain
circumstances; and providing an effective date for the
change.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 298

Annotated Code of Maryland

(1975 Replacement Volume and 1979 Supplement)