HARRY HUGHES, Governor

2949

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

278F.

(d) (1) "Total full cash value" means the full cash value
of the property as determined by the Department as [of the most
recent annual or semiannual date of finality, unless the full
cash value is under appeal at the time of transfer. In the case
of an appeal, the full cash value is the value most recently
determined by the final assessing authority] STATED ON THE MOST
RECENT ASSESSMENT ROLL PLUS ADJUSTMENTS TO IMPROVEMENTS IN THE
AMOUNT OF ANY INCREASE IN CONSTRUCTION COSTS AS DETERMINED BY THE
DEPARTMENT OVER UTILIZED TO ARRIVE AT THE FULL CASH VALUE ON THE
ASSESSMENT ROLL. ANY SUCH ADJUSTMENT SHALL BE MADE AND THE
CONSTRUCTION COST OF THE ADJUSTMENT AS OF THE MOST RECENT DATE OF
FINALITY.

(2) If land is being transferred with improvements
that have not been previously valued or assessed by the
Department, the grantor shall notify the Department at least 7
days before the transfer. The Department shall estimate the full
cash value of these improvements as of the date of transfer. The
estimated full cash value of the improvements shall be used in
accordance with the provisions of subsection (c) of this section.
A notice of the estimated value of the improvements shall be
provided to the grantor at the time of transfer and the grantor
has the same rights of appeal as are available to property owners
receiving an assessment notice under this article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 29, 1984.

CHAPTER 575

(Senate Bill 904)

AN ACT concerning

Condominium Conversions - Reimbursements

FOR the purpose of requiring the owner developer of a condominium
during a condominium conversion to pay certain households a
certain sum in addition to the reimbursement for certain
moving expenses when the household members have refused to