HARRY HUGHES, Governor

847

8-104.

(a)  Real property shall be valued separately for:

(1)  the land; and

(2)  the improvements on the land.

(b)  (1) 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.

(2) THE DATE OF FINALITY FOR REAL PROPERTY THAT IS
VALUED UNDER THIS SUBSECTION IS THE JANUARY 1 IMMEDIATELY BEFORE
THE 1ST TAXABLE YEAR TO WHICH THE ASSESSMENT BASED ON THE NEW
VALUE IS APPLICABLE.

(c)  (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 OR CHARACTER
occurs;

(iii) [extensive] SUBSTANTIALLY COMPLETED
improvements TO LAND are made; [or]

(iv) an error in calculation or measurement of
the [improvements] REAL PROPERTY caused the value to be [clearly]
erroneous[.]; OR

(V) A SUBDIVISION OCCURS. FOR PURPOSES OF THIS
SUBSECTION, "SUBDIVISION" MEANS THE DIVISION OF REAL PROPERTY
INTO 2 OR MORE PARCELS BY SUBDIVISION PLAT, CONDOMINIUM PLAT,
TIME-SHARE, METES AND BOUNDS, OR OTHER MEANS.

(2) When real property is revalued under this
subsection, the Department or supervisor shall:

(i) determine the value that would have
resulted if the revaluation had occurred for the 1st year of the
3-year cycle;

(ii) determine the value that would have
resulted if the revaluation had occurred for the 1st year of the
preceding 3-year cycle; and

(iii) 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.