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PARRIS N. GLENDENING, Governor
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Ch. 121
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year for which the calculation of State aid is to be made, plus 20% of new property
assessed between July 1 and December 31 of the second preceding fiscal year. "Real
property" [shall have the meaning, and assessed valuation shall be subject to the
adjustments for under- or over-assessment, as presently provided by § 5-202 of the
Education] MEANS ALL PROPERTY CLASSIFIED AS REAL PROPERTY UNDER § 8-101(B)
OF THE TAX - PROPERTY Article.
Article - Education
5-202.
(a) (1) In this section the following words have the meanings indicated.
(2) [(i)] "Assessed valuation of real property" means the most recent
estimate made by the State Department of Assessments and Taxation before the
annual State budget is submitted to the General Assembly, of the assessed value of
real property for State purposes as of July 1 of the first completed fiscal year before
the school year for which the calculation of State aid is made under this section.
[(ii) In all assessable bases, for the purpose of this paragraph,
preferentially assessed agricultural land shall be included at 50 percent of farm use
valuation as determined in accordance with farm use assessment standards
established by the Department of Assessments and Taxation.]
(3) (i) "Basic current expenses" means expenditures for elementary
and secondary education for a fiscal year calculated as follows:
1. Statewide aggregate expenditures from the current
expense fund for administration, instruction, public school special education
programs, student personnel services, health services, operation of plant, and
maintenance of plant;
2. Plus statewide aggregate expenditures from the current
expense fund for fixed charges (including employee benefits), additional equipment,
and replacement equipment, to the extent these expenditures relate to the
expenditure categories in item 1 of this subparagraph; and
3. Minus the statewide aggregate of all State and federal
funds for elementary and secondary education supporting the expenditures in items 1
and 2 of this subparagraph, except the State share of basic current expenses.
(ii) "Basic current expenses" does not include expenditures for
adult education, community services, pupil transportation, capital outlay, or outgoing
transfers, or expenditures reported in the Food Service Fund, the Student Body
Activities Fund, the School Construction Fund, or the Debt Service Fund.
(4) "Net taxable income" means the amount certified by the State
Comptroller for the second completed calendar year before the school year for which
the calculation of State aid under this section is made, based on tax returns filed on
or before September 1 after this calendar year.
(5) "Real property" [includes:
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- 1369 -
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