§ 8-103

# (a)

# (1)

In this section the following words have the meanings indicated.

# (2)

“New statewide value” means the phased in value of all real property subject to property tax on January 1 preceding any taxable year, excluding the phased in value of real property assessed for the 1st time during the calendar year beginning on that January 1.

# (3)

“Phased in value” means for the 1st, 2nd, or 3rd year of a 3-year cycle:

(i) the prior value of real property increased by one-third, two-thirds, or the full amount by which the value increased over the prior value based on a physical inspection of the real property; or

(ii) if the value of real property has not increased, the value determined in the most recent valuation.

# (4)

“3-year cycle” means a continuous series of 3 calendar year periods beginning for each period with the 1st calendar year after the calendar year in which a physical inspection of real property is made under § 8-104(b) of this subtitle.

# (b)

On or before January 1 of each year, the Department shall determine the new statewide value.

# (c)

# (1)

Except as provided in this subsection, the assessment of real property is its phased in value.

# (2)

The assessment of the real property described in § 8-102(b) of this subtitle is its phased in use value.

# (3)

The assessment of the operating real property described in § 8-108(c) of this subtitle is its value.

# (4)

The assessment of the operating real property described in § 8-109(c) of this subtitle is its value.