HARRY HUGHES, Governor

223

In subsection (c)(2)(i) of this section, the phrase
"the year that immediately precedes the 1st year of
the 3-year cycle" is substituted for the former phrase
"base year of the 3-year cycle" and for the sentence
defining the base year, for clarity.

In subsection (c)(2)(ii) of this section, the word
"change" is substituted for the former word
"increase", for clarity.

In subsection (d) of this section, the phrase "for
real property that is valued or revalued under this
section" is added to modify "date of finality", for
clarity.

Also in subsection (d) of this section, the former

phrase "of notice and appeal" is deleted as

unnecessary in light of the use of the
cross-references to those procedures.

The fourth sentence of former Art. 81, § 232(8)(e),
which referred to phasing in an assessment increase,
is deleted as superfluous and unclear.

The remainder of former Art. 81, § 19(a)(1) now
appears as § 8-205 of this title.

The second sentence of former Art. 81, § 232(8)(b) now
appears in § 2-204 of this article.

8-105.

The General Assembly may wish to note that there is a
disagreement on how the revaluation is to be computed.
The Department takes the position that new language
could be added following present subsection (c)(2) to
state: "determine the value that would have resulted
if the revaluation had occurred in the 1st year of a
3-year cycle". This new language would conform to the
current practice of the Department.

Defined terms:     "Assessment" § 1-101

"Department" §   1-101 "Date of finality" § 1-101

"Real property"     § 1-101 "Supervisor" § 1-101

"Taxable year"     § 1-101 "Value" § 1-101

VALUATION OF INCOME PRODUCING REAL PROPERTY.

(A) VALUATION.

EXCEPT FOR LAND THAT IS ACTIVELY DEVOTED TO FARM OR
AGRICULTURAL USE, THE SUPERVISOR MAY VALUE INCOME PRODUCING REAL
PROPERTY BY USING THE CAPITALIZATION OF INCOME METHOD OR ANY
OTHER APPROPRIATE METHOD OF VALUING THE REAL PROPERTY.

(B)

ANNUAL REPORT.