HARRY HUGHES, Governor

221

(A)  HOW VALUED.

REAL PROPERTY SHALL BE VALUED SEPARATELY FOR:

(1)  THE LAND; AND

(2)  THE IMPROVEMENTS ON THE LAND.

(B)  VALUATION IN 3-YEAR CYCLE.

NOTWITHSTANDING A REVALUATION UNDER SUBSECTION (C) OF THIS
SECTION, THE DEPARTMENT OR SUPERVISOR SHALL VALUE ALL REAL
PROPERTY ONCE IN EVERY 3-YEAR CYCLE BASED ON A PHYSICAL
INSPECTION OF THE REAL PROPERTY.

(C)  REVALUATION REQUIRED; DUTIES.

(1)  IN ANY YEAR OF A 3-YEAR CYCLE, REAL PROPERTY
SHALL BE REVALUED IF ANY OF THE FACTORS LISTED BELOW CAUSES A
CHANGE IN THE VALUE OF THE REAL PROPERTY:

(I)  THE ZONING CLASSIFICATION IS CHANGED;

(II)  A SUBSTANTIAL CHANGE IN USE OCCURS;

(III)  EXTENSIVE IMPROVEMENTS ARE MADE; OR

(IV)  AN ERROR IN CALCULATION OR MEASUREMENT OF
THE IMPROVEMENTS CAUSED THE VALUE TO BE CLEARLY ERRONEOUS.

(2) " WHEN REAL PROPERTY IS REVALUED UNDER THIS
SUBSECTION, THE DEPARTMENT OR SUPERVISOR SHALL:

(I)  DETERMINE THE VALUE AS IF THE REVALUATION
HAD OCCURRED IN THE YEAR THAT IMMEDIATELY PRECEDES THE 1ST YEAR

OF THE 3-YEAR CYCLE; AND

(II)  ADJUST THE PHASED IN VALUE FOR EACH OF THE
YEARS REMAINING IN THE 3-YEAR CYCLE TO REFLECT THE CHANGE THAT

RESULTS FROM THE REVALUATION.

(D)  DATE OF FINALITY.

FOR PURPOSES OF THIS TITLE AND TITLE 14, SUBTITLE 5 OF THIS

ARTICLE, THE DATE OF FINALITY FOR REAL PROPERTY THAT IS VALUED OR

REVALUED UNDER THIS SECTION IS THE JANUARY 1 IMMEDIATELY BEFORE

THE 1ST TAXABLE YEAR TO WHICH THE ASSESSMENT BASED ON THE NEW

VALUE IS APPLICABLE.

REVISOR'S NOTE: This section is new language derived

without substantive change from former Art. 81, §

                      19(a)(1), as that provision related to valuing real

                        property, and § 232(8)(d), the first sentence of (b),

the second sentence of (c), and the first through