2490

LAWS OF MARYLAND

Ch. 662

CHAPTER 662

(Senate Bill 364)

AN ACT concerning

Property Tax - Constant Yield Tax Rate -
Municipal Corporations

FOR the purpose of altering the municipal corporation exemption
from the constant yield tax rate requirements for property
tax to require the Director of Assessments and Taxation to
exempt a municipal corporation from the constant yield tax
rate requirements under certain circumstances; establishing
a certain calculation; authorizing the Director to make
certain adjustments; and generally relating to the
application of the constant yield tax rate provisions to
municipal corporation property tax.

BY repealing and reenacting, with amendments,

Article - Tax - Property
Section 2-205(e)
Annotated Code of Maryland
(1986 Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

2-205.

(e) The Director [may] SHALL exempt a municipal corporation
from the constant yield tax rate provisions of § 6-308 of this
article if [the Director believes that the amount of increase in
the estimated assessment of all property in the municipal
corporation does not justify complying with the procedural
requirements of § 6-308 of this article.] A DIFFERENCE OF LESS
THAN $2,000 EXISTS BETWEEN:

(1)  THE PROPERTY TAX REVENUE THAT IS PROVIDED BY
APPLYING THE MUNICIPAL CORPORATION TAX RATE FOR THE PRECEDING
TAXABLE YEAR TO THE ESTIMATED ASSESSMENT OF ALL PROPERTY IN THE
MUNICIPAL CORPORATION; AND

(2)  THE PROPERTY TAX REVENUE THAT IS PROVIDED BY
APPLYING THE CONSTANT YIELD TAX RATE FOR THE NEXT TAXABLE YEAR TO
THE ESTIMATED ASSESSMENT OF ALL PROPERTY IN THE MUNICIPAL
CORPORATION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.