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1423
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HARRY HUGHES, Governor
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(a) In this act the following words have the meanings
indicated, unless the context clearly indicates another or
different meaning or intent.
(b) "Act" means the Tax Increment Financing Act.
(C) "ASSESSABLE BASE" MEANS THE TOTAL ASSESSABLE BASE OF
ALL REAL PROPERTY IN A DEVELOPMENT DISTRICT SUBJECT TO TAXATION
AS DETERMINED BY THE SUPERVISOR OF ASSESSMENTS.
(D) (1) "ASSESSMENT RATIO" MEANS ANY REAL PROPERTY TAX
ASSESSMENT RATIO, HOWEVER DESIGNATED OR CALCULATED, WHICH IS USED
OR APPLIED UNDER APPLICABLE GENERAL LAW IN DETERMINING THE
ASSESSABLE BASE.
(2) "ASSESSMENT RATIO" INCLUDES THE "GROWTH FACTOR"
AS DEFINED IN ARTICLE 81, § 14(B) OF THIS CODE.
[(c)] (E) "Bonds" or "bond" means any revenue bonds or
bond, notes or note, or other similar instruments or instrument
issued by any municipality or county pursuant to and in
accordance with this subheading.
[(d)] (F) "Chief executive officer" means the president,
chairman, mayor, or other chief executive officer of a
municipality or county.
[(e)] (G) "County" means one of the 23 counties of
Maryland.
[(f)] (H) "Development" includes new development,
redevelopment, revitalization, and renovation.
[(g)] (I) "Development district" means a contiguous area
designated by [an ordinance or] A resolution.
(J) "ORIGINAL ASSESSABLE BASE" MEANS THE ASSESSABLE BASE AS
OF JANUARY 1 OF THAT YEAR PRECEDING THE EFFECTIVE DATE OF THE
MUNICIPAL RESOLUTION CREATING THE DEVELOPMENT DISTRICT UNDER §
266JJ-6 OF THIS SUBTITLE.
(K) "ORIGINAL FULL CASH VALUE" MEANS THE DOLLAR AMOUNT
WHICH IS DETERMINED BY DIVIDING THE ORIGINAL ASSESSABLE BASE BY
THE ASSESSMENT RATIO USED TO DETERMINE THE ORIGINAL ASSESSABLE
BASE.
[(h)] (L) "Original taxable value" means [the total sum of
the assessed valuation of property within the development
district as of January 1 of that year preceding the effective
date of the ordinance or resolution creating the development
district] FOR ANY TAX YEAR THE DOLLAR AMOUNT THAT IS THE LESSER
OF:
(1) THE PRODUCT OF THE ORIGINAL FULL CASH VALUE TIMES
THE ASSESSMENT RATIO APPLICABLE TO THAT TAX YEAR; OR
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