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PARRIS N. GLENDENING, Governor
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Ch. 476
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(III) THE ISSUANCE AND SALE OF NEW SCHOOL CAPACITY
CONSTRUCTION BONDS UNDER THIS SUBSECTION IS EXEMPT FROM THE
PROVISIONS OF ARTICLE 31, §§ 9 THROUGH 11 OF THE CODE.
(IV) THE TRANSFER OF, INTEREST ON, AND ANY INCOME DERIVED
FROM NEW SCHOOL CAPACITY CONSTRUCTION BONDS SHALL BE EXEMPT FROM
STATE AND LOCAL TAXATION.
(3) (I) THE COUNTY COMMISSIONERS, BY ORDINANCE, MAY FIX AND
IMPOSE A FAIR SHARE SCHOOL CONSTRUCTION EXCISE TAX LEVIED AGAINST THE
OWNER OF REAL PROPERTY LOCATED IN THE COUNTY THAT IS IMPROVED BY NEW
RESIDENTIAL DEVELOPMENT.
(II) 1. FOR FISCAL YEAR 2003, THE AMOUNT OF THE FAIR SHARE
SCHOOL CONSTRUCTION EXCISE TAX SHALL EQUAL ALL COUNTY COSTS TO
CONSTRUCT ONE UNIT OF NEW STUDENT CAPACITY FOR PUBLIC SCHOOL FACILITIES
MULTIPLIED BY THE PUPIL GENERATION RATE FOR THAT PARTICULAR NEW
DWELLING TYPE IN THE COUNTY MAY NOT EXCEED THE FOLLOWING AMOUNTS:
A. FOR A SINGLE-FAMILY DETACHED HOME, $9,700;
B. FOR A TOWN HOUSE, $9,200; AND
C. FOR A MULTIFAMILY HOUSING UNIT, $7,000.
2. FOR FISCAL YEAR 2004 AND SUCCEEDING FISCAL YEARS,
THE LIMITS SET FORTH IN SUBPARAGRAPH (I) OF THIS PARAGRAPH SHALL BE
ALTERED BY THE SAME PERCENTAGE AS THE CHANGE IN THE PRODUCER PRICE
INDEX FOR THE MATERIALS AND COMPONENTS FOR CONSTRUCTION, AS REPORTED
BY THE UNITED STATES DEPARTMENT OF LABOR FOR THE FISCAL YEAR PRECEDING
THE YEAR FOR WHICH THE AMOUNT IS BEING CALCULATED.
(III) PRIOR TO THE SALE OR TRANSFER OF REAL PROPERTY IN
CHARLES COUNTY THAT IS IMPROVED BY NEW RESIDENTIAL DEVELOPMENT, THE
SELLER OR TRANSFEROR SHALL PROVIDE NOTICE TO THE BUYER OR TRANSFEREE
THAT INCLUDES:
1. A STATEMENT THAT THE FAIR SHARE SCHOOL
CONSTRUCTION EXCISE TAX MAY BE LEVIED ON THE PROPERTY; AND
2. THE AMOUNT OF THE TAX FOR THE DWELLING TYPE ON
THE PROPERTY.
(III) (IV) THE FAIR SHARE SCHOOL CONSTRUCTION EXCISE TAX
SHALL BE:
1. COLLECTED AND SECURED IN THE SAME MANNER AS
GENERAL AD VALOREM TAXES UNLESS OTHERWISE PROVIDED BY ORDINANCE; AND
2. SUBJECT TO THE SAME PENALTIES AND THE SAME
PROCEDURE, SALE, AND LIEN PRIORITY IN CASE OF DELINQUENCY AS PROVIDED IN
GENERAL AD VALOREM TAXES.
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- 3801 -
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