HARRY HUGHES, Governor                               2875

(1978 Volume and 1980 Supplement)

BY repealing and reenacting, with amendments,

Article - Commercial Law

Section 17-103, 17-105, 17-106, 17-107, 17-108, 17-110,

17-111, 17-112, 17-118, 17-120(a), 17-121,

17-123, and 17-127
Annotated Code of Maryland
(1975 Volume and 1980 Supplement)

BY adding to

Article - Commercial Law

Section 17-101(1), 17-112.1, and 17-114.1

Annotated Code of Maryland

(1975 Volume and 1980 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article - Education

5-202.

(a) (1) In this section the following words have the
meanings indicated.

(2) (I) "Adjusted 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. [If the State Department of Assessments and
Taxation estimates that real property in any county is
assessed at other than 50 percent of market value, the
assessed valuation of those categories of real property that
are estimated to be assessed at other than 50 percent of
market value, on the basis of surveys made under Article 81,
§ 232(14) of the Code, that are reported on or before
November 1 of the first calendar year before the school year
for which the calculation is made, shall be adjusted to 50
percent. This adjustment does not apply to public utility
operating property or to preferentially assessed
agricultural property. Preferentially assessed agricultural
land shall be included in the adjusted assessed valuation at
50 percent of farm use valuation as determined in accordance
with farm use assessment standards established by the
Department of Assessments and Taxation.]

(II) "ADJUSTED ASSESSED VALUATION OF REAL
PROPERTY FOR FISCAL YEAR 1982" MEANS: