442

LAWS OF MARYLAND

Ch. 85

(ii) Land and nonoperating property of
railroads and public utilities; and

(iii) Operating property of public utilities
classified as real property by the Department of Assessments and
Taxation.

(6)   "Assessed value of personal property" means the
assessed valuation for county purposes of tangible personal
property, railroad property, public utility personal property,
and public utility shares.

(7)   "Full-time equivalent enrollment" means:

(i) All students enrolled in grades 1 through
12 or their equivalent in regular day school programs on
September 30 of the previous school year and includes the
students in the Lida Lee Tall Learning Resource Center;

(ii) One half of the number of students
enrolled in kindergarten programs on September 30 of the previous
school year, except that in Garrett County the full number of
kindergarten students is included; and

(iii) The       number of full time equivalent

students, as determined by     a regulation of the Department,

enrolled in evening high     school programs during the previous
school year.

(8)   "Wealth" means the sum of:

(i) Net taxable income;

(ii) The adjusted assessed valuation of real
property; and

(iii) [1. 10 percent of assessed value of
personal property as of July 1, 1979;

2.   20 percent of assessed value of
personal property as of July 1, 1980;

3.   30 percent of assessed value of
personal property as of July 1, 1981;

4.   40 percent of assessed value of
personal property as of July 1, 1982; and

5.] 50 percent of assessed value of
personal property [as of July 1, 1983].

(9)  For calculation of State aid under this   section,
the percentage of assessed value of personal property as   of July
1 of the first completed fiscal year before the school   year for
which the calculation is made shall be used.