HARRY HUGHES, Governor                                       203

(1)  FOR PROPERTY DESCRIBED IN SUBSECTION (A)(2)(I)1.
AND 2. OF THIS SECTION, ANY AMOUNT NEGOTIATED UNDER THIS SECTION
IN LIEU OF THE PROPERTY TAX SHALL BE DIVIDED BETWEEN THE STATE
AND THE POLITICAL SUBDIVISION IN THE RATIO THAT THE TAX RATE OF
THE STATE, AND THE POLITICAL SUBDIVISION EACH BEARS TO THE TOTAL
OF THE TAX RATES OF THE STATE AND THE POLITICAL SUBDIVISION.

(2)  FOR PROPERTY DESCRIBED IN SUBSECTION (A)(2)(I)3.
OF THIS SECTION, ANY AMOUNT NEGOTIATED UNDER THIS SECTION IN LIEU
OF PROPERTY TAX SHALL BE DIVIDED BETWEEN THE COUNTY AND, WHERE
APPLICABLE, THE MUNICIPAL CORPORATION IN THE RATIO THAT THE TAX
RATE OF THE COUNTY AND MUNICIPAL CORPORATION EACH BEARS TO THE
TOTAL OF THE TAX RATES OF THE COUNTY AND MUNICIPAL CORPORATION.
THE PAYMENT TO THE COUNTY AND, WHERE APPLICABLE, THE MUNICIPAL
CORPORATION MAY NOT EXCEED AN AMOUNT EQUAL TO PROPERTY TAX
IMPOSED ON SIMILAR PROPERTY.

REVISOR'S NOTE: This section is new language that in part
is derived without substantive change from former Art.
81, § 9(a) and (n-1) and in part repeats the
provisions of the second sentence and the second
clause of the first sentence of present Art. 44A, §
22, as those provisions relate to a nonprofit housing
corporation.

In subsections (a) and (b) of this section, the word
"owner" is substituted for the former phrases "owned
by institutions or organizations", and "the
institution, organization, or corporation", for
clarity and brevity.

Subsection (a)(1) of this section is revised as a
definition of "essential services facilities", for
brevity.

In subsection (a)(2)(ii) of this section, the former
word "structures" is deleted as unnecessary in light
of the word "housing".

In subsection (a)(2)(ii)l. of this section, the former
term "constructed" is deleted as unnecessary in light
of the use of the phrase "substantially completed or
substantially rehabilitated".

Also in subsection (a)(2)(ii)l. of this section, the
former reference to the Montgomery County exemption
"beginning July 1, 1978" is deleted as obsolete.

In subsection (b)(1) of this section, the defined term
"governing body" is substituted for the former
reference to "executive body", for clarity.

In subsections (b)(1)(ii) and (2) and (d)(2) of this
section, the defined terms "county" and "municipal
corporation" are substituted for the former words