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Ch. 66
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2000 LAWS OF MARYLAND
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(3) "Assessable base" means the total assessable base of all real property
in a development district subject to taxation as determined by the Supervisor of
Assessments.
(4) (i) "Assessment ratio" means any real property tax assessment
ratio, however designated or calculated, which is used or applied under applicable
general law in determining the assessable base.
(ii) "Assessment ratio" includes the assessment percentage as
provided under § 8-103(c) of the Tax - Property Article of the Annotated Code of
Maryland, as amended, replaced, or supplemented from time to time.
(5) "Bonds" or "bond" means any bonds or bond, notes or note, or other
similar instruments or instrument issued by the Mayor and City Council of Baltimore
pursuant to and in accordance with this section.
(6) "Development" includes new development, redevelopment,
revitalization, and renovation.
(7) "Development agreement" means an agreement between the Mayor
and City Council of Baltimore and any person involved in or responsible for
development of property within a development district pursuant to which such person
shall agree to pay in each year in which any bonds are outstanding an amount equal
to all or a portion of the debt service on bonds issued pursuant to this section to
finance or refinance development in such development district.
(8) "Development district" means a contiguous area within the City of
Baltimore designated by an ordinance of the Mayor and City Council of Baltimore.
(9) "Original assessable base" means the assessable base as of January 1
of that year preceding the effective date of the ordinance creating the development
district under subsection (d) of this section.
(10) "Original full cash value" means the dollar amount which is
determined by dividing the original assessable base by the assessment ratio used to
determine the original assessable base.
(11) "Original taxable value" means for any tax year the dollar amount
that is the lesser of:
(i) the product of the original full cash value times the assessment
ratio applicable to that tax year;
(ii) the original assessable base; or
(iii) if an adjusted assessable base applies, then the "original
taxable value" is the adjusted assessable base.
(12) "Supervisor of Assessments" means the Supervisor of Assessments
for Baltimore City.
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