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PARRIS N. GLENDENING, Governor
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Ch. 80
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2. For this taxable year the certified assessment of the net assessable real
property is $.....To produce the same real property tax revenues as last year the real
property tax rate would be.....This rate is called the constant yield tax rate.
3. For this taxable year the actual real property tax rate is....., which is (the
same as) (different from) the constant yield tax rate. (If different, the rate is .....
(more) (less) than the constant yield tax rate and will produce in real property tax
revenues $.....(more) (less) than would be produced by the constant yield tax rate).".
SECTION 7. AND BE IT FURTHER ENACTED, That, except as expressly
provided otherwise in this Act:
(1) Effective October 1, 2000, real property tax rates, for purposes of
application against the full value assessment established by Section 1 of this Act,
shall be 40% of the real property tax rates effective July 1, 2000;
(2) It is the intent of the General Assembly that the impact of this Act be
revenue neutral;
(3) Any limit on a local tax rate in a local law or charter provision in
effect on September 30, 2000 that is expressed as a rate to be applied to an
assessment of real property, shall be construed to mean a rate equal to 40% times the
rate stated in the local law or charter provision; and any debt limit in a local law or
charter provision in effect on September 30, 2000 that is expressed as a percentage of
an assessment of real property or assessable base of real property, shall be construed
to mean a percentage equal to 40% times the percentage stated in the local law or
charter provision; and
(4) This Act may not be construed to alter or affect the fiscal impact of
any provision of State or local law or county or municipal charter on any computation
prescribed by law or regulation that uses property tax assessments as part of the
computation.
SECTION 8. AND BE IT FURTHER ENACTED, That, for the taxable year
beginning July 1, 2001, notwithstanding § 8-134 of the State Finance and
Procurement Article, the Board of Public Works shall certify a rate rates of State tax
on assessable property that reflects reflect the changes in the method of assessing
real property under this Act.
SECTION 9. AND BE IT FURTHER ENACTED, That, if the governing body of
a municipal corporation has set a special tax rate for any class of personal property
under § 6-303(a) of the Tax - Property Article, the municipal tax rate effective
October 1, 2000, and applicable to that class of property for the taxable year
beginning July 1, 2000 shall be 2.5 times the rate for real property for that taxable
year multiplied by the ratio applicable to the taxable year beginning July 1, 2000 of
its special rate to its real property tax rate.
SECTION 10. AND BE IT FURTHER ENACTED, That, notwithstanding
Section 1 and Section 5 of this Act, for the taxable year beginning July 1, 2000, the tax
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- 657 -
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