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Ch. 459
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1424
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LAWS OF MARYLAND
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(2) THE ORIGINAL ASSESSABLE BASE.
[(i)] (M) "Tax increment" means FOR ANY TAX YEAR the amount
by which the [total sum of the assessed valuation of the real
property within the development district] ASSESSABLE BASE AS OF
JANUARY 1 PRECEDING THAT TAX YEAR exceeds the original taxable
value.
(N) "TAX YEAR" MEANS THE PERIOD FROM JULY 1 OF A CALENDAR
YEAR THROUGH JUNE 30 OF THE NEXT CALENDAR YEAR.
266JJ-6.
Before issuing these bonds, the governing body of the issuer
shall:
(1) Designate by [ordinance or] resolution a
contiguous area within its jurisdiction as a "development
district". If the governing body of a county designates an area
which is wholly or partly within the corporate limits of a
municipality, [an ordinance or) A resolution of the governing
body of the municipality, approving the district, is also
required to establish the district. [All assessed values shall
be determined as of January 1 of that year preceding the
effective date of the ordinance or resolution adopted pursuant to
this subsection.]
(2) Receive from the supervisor of assessments a
certification [of assessed valuation of taxable real property
within the development district as of January 1 of that year
preceding the effective date of the ordinance or resolution
adopted pursuant to this subsection. The total sum of the
assessed valuation of property within the development district
shall be referred to as the "original taxable value". In
subsequent years, the amount by which the total sum of the
assessed valuation of the real property within the development
district exceeds the "original taxable value" shall be referred
to as the "tax increment"] AS TO THE AMOUNT OF THE ORIGINAL
ASSESSABLE BASE.
(3) Pledge that until the bonds have been fully paid
or thereafter, the property taxes on real property within the
development district shall be divided as follows:
(i) That portion of the taxes which would be
produced by the rate at which taxes levied each year by or for a
municipality or county upon the original taxable value shall be
allocated to and when collected paid into the funds of the
respective taxing bodies in the same manner as taxes by or for
the taxing bodies on all other property are paid.
(ii) That portion of the taxes representing the
levy on the tax increment that would normally be paid to the
issuing body shall be paid into a special fund to be applied in
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