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LAWS OF MARYLAND

Ch. 8

(1)  IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2)  "GROWTH FACTOR" MEANS THE PERCENTAGE THAT RESULTS
FROM DIVIDING THE NEW STATEWIDE ADJUSTED ASSESSABLE BASE BY THE
NEW STATEWIDE VALUE, WITH THE RESULT EXPRESSED TO NOT LESS THAN 6
DECIMAL PLACES.

(3)  "NEW STATEWIDE ADJUSTED ASSESSABLE BASE" MEANS
THE STATEWIDE ASSESSABLE BASE FOR THE PRIOR YEAR, INCREASED BY
THE LESSER OF:

(I)  THE PERCENTAGE INCREASE OF THE NEW
STATEWIDE VALUE OVER THE PRIOR YEAR'S PHASED IN VALUE; OR

(II)  6%.

(4)  "NEW STATEWIDE VALUE" MEANS THE PHASED IN VALUE
OF ALL REAL PROPERTY SUBJECT TO PROPERTY TAX ON JANUARY 1
PRECEDING ANY TAXABLE YEAR, EXCLUDING THE PHASED IN VALUE OF REAL
PROPERTY ASSESSED FOR THE 1ST TIME DURING THE CALENDAR YEAR
BEGINNING ON THAT JANUARY 1.

(5)  "PHASED IN VALUE" MEANS IN ANY FOR THE 1ST, 2ND,
OR 3RD YEAR OF A 3-YEAR CYCLE, CYCLE:

(I)  THE PRIOR VALUE OF REAL PROPERTY INCREASED
BY ONE-THIRD OF THE, TWO-THIRDS, OR THE FULL AMOUNT BY WHICH THE
VALUE INCREASED OVER THE PRIOR VALUE BASED ON A PHYSICAL
INSPECTION OF THE REAL PROPERTY. PROPERTY; OR

(II) IF THE VALUE OF REAL PROPERTY HAS NOT
INCREASED, THE VALUE DETERMINED IN THE MOST RECENT VALUATION.

(6)  "STATEWIDE ASSESSABLE BASE" MEANS THE TOTAL
ASSESSABLE BASE AS OF JANUARY 1 OF ANY YEAR OF A 3-YEAR CYCLE OF
ALL REAL PROPERTY SUBJECT TO THE PROPERTY TAX, EXCLUDING THE
ESTIMATED ASSESSMENT OF REAL PROPERTY THAT WILL BE 1ST ASSESSED
DURING THE FOLLOWING CALENDAR YEAR.

(7)  "3-YEAR CYCLE" MEANS A CONTINUOUS SERIES OF 3
CALENDAR YEAR PERIODS BEGINNING FOR EACH PERIOD WITH THE 1ST
CALENDAR YEAR AFTER THE CALENDAR YEAR IN WHICH A PHYSICAL
INSPECTION OF REAL PROPERTY IS MADE UNDER § 8-104(B) OF THIS
SUBTITLE.

(B) DEPARTMENT DETERMINATIONS.

ON OR BEFORE JANUARY 1 OF EACH YEAR, THE DEPARTMENT SHALL:

(1) DETERMINE THE NEW STATEWIDE VALUE;

(2) DETERMINE THE NEW STATEWIDE ADJUSTED ASSESSABLE
BASE; AND