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Ch. 121
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2002 LAWS OF MARYLAND
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(i) Any interest in land or improvements to land;
(ii) Land and nonoperating property of railroads and public
utilities; and
(iii) Operating property of public utilities classified as real property
by the Department of Assessments and Taxation.] MEANS ALL PROPERTY
CLASSIFIED AS REAL PROPERTY UNDER § 8-101(B) OF THE TAX - PROPERTY ARTICLE.
(6) "Assessed value of personal property" means the assessed valuation
for county purposes of [tangible personal property, railroad property, public utility
personal property, and public utility shares] ALL PROPERTY CLASSIFIED AS
PERSONAL PROPERTY UNDER § 8-101(C) OF THE TAX - PROPERTY ARTICLE.
(7) "Full-time equivalent enrollment" means:
(i) All students enrolled in grades 1 through 12 or their equivalent
in regular day school programs on September 30 of the previous school year;
(ii) One half of the number of students enrolled in kindergarten
programs on September 30 of the previous school year, except that in Garrett County
the full number of kindergarten students is included; and
(iii) The number of full-time equivalent students, as determined by
a regulation of the Department, enrolled in evening high school programs during the
previous school year.
(8) "Wealth" means the sum of:
(i) Net taxable income;
(ii) 100 PERCENT OF THE ASSESSED VALUE OF THE OPERATING
REAL PROPERTY OF PUBLIC UTILITIES;
(III) 40 percent of the assessed valuation of ALL OTHER real
property; and
[(iii)](IV) 50 percent of assessed value of personal property.
(9) For calculation of State aid under this section, the percentage of
assessed value of personal property as of July 1 of the first completed fiscal year
before the school year for which the calculation is made shall be used.
(10) "Chapter 1 eligible count" means the number of children eligible to
receive services under the provisions of Chapter 1 of the Hawkins-Stafford
Elementary and Secondary School Improvement Amendments of 1988 as determined
by the U.S. Department of Education.
(11) "Dedicated compensatory funds" means funds allocated by subsection
(e)(3) of this section.
(12) "Basic current expenses per pupil" means the basic current expenses
for a fiscal year divided by the statewide full-time equivalent enrollment on
September 30 of the fiscal year.
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- 1370 -
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