2876

LAWS OF MARYLAND

Ch. 774

1.  PROPERTIES IDENTIFIED AS "GROUP
1" BY THE DEPARTMENT OF ASSESSMENTS AND TAXATION TO BE
INCLUDED IN THE VALUATION OF REAL PROPERTY WITHOUT
ADJUSTMENTS; AND

2.  PROPERTIES IDENTIFIED AS "GROUPS
II AND III" BY THE DEPARTMENT OF ASSESSMENTS AND TAXATION
SHALL BE CONVERTED TO FULL VALUE USING AN AVERAGE OF
ASSESSMENT TO SALES RATIO DATA AS OF NOVEMBER 1, 1979, AND
NOVEMBER 1, 1980, PURSUANT TO ARTICLE 81, § 232(14) OF THE
CODE; THESE PROPERTIES SHALL THEN BE ADJUSTED TO A
PERCENTAGE OF FULL VALUE EQUIVALENT TO THE GROWTH FACTOR
USED TO CALCULATE TAX BILLS ISSUED DURING JULY, 1980.

(III)  "ADJUSTED ASSESSED VALUATION OF REAL
PROPERTY FOR FISCAL YEAR 1983" MEANS:

1.  PROPERTY IN "GROUPS I AND II" AS
IDENTIFIED BY THE DEPARTMENT OF ASSESSMENTS AND TAXATION TO
BE INCLUDED IN THE VALUATION OF REAL PROPERTY WITHOUT
ADJUSTMENT; AND

2.  PROPERTIES IDENTIFIED AS "GROUP
III" BY THE DEPARTMENT OF ASSESSMENTS AND TAXATION SHALL BE
CONVERTED TO FULL VALUE USING AN AVERAGE OF ASSESSMENT TO
SALE RATIO DATA AS OF NOVEMBER 1, 1979, AND NOVEMBER 1,
1980, PURSUANT TO ARTICLE 81, § 232(14) OF THE CODE; THESE
PROPERTIES SHALL THEN BE ADJUSTED TO A PERCENTAGE OF FULL
VALUE EQUIVALENT TO THE GROWTH FACTOR USED TO CALCULATE TAX
BILLS ISSUED DURING JULY, 1980.

(IV)  "ASSESSED VALUATION OF REAL PROPERTY
FOR FISCAL YEAR 1984" AND FISCAL YEARS THEREAFTER MEANS THE
ASSESSED VALUATION OF ALL REAL PROPERTY, WITHOUT ADJUSTMENT,
AS OF THE DATE PRESCRIBED IN PARAGRAPH (I) OF THIS
SUBSECTION.

(V)  IN ALL UNADJUSTED OR ADJUSTED
ASSESSABLE BASES, FOR THE PURPOSE OF THIS PARAGRAPH,
PREFERENTIALLY ASSESSED AGRICULTURAL LAND SHALL BE INCLUDED
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] 8-417.7 of this article;

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