The terms used in this chapter shall have the following meanings:
“Adjusted assessed value” means the assessed value of any real or personal property, as determined by the State Department of Assessments and Taxation, divided by 100 and rounded off to the nearest hundredth.
“Assessable and taxable base” means the assessed value of all real and personal property subject to the tax called for which is located in one particular county and the City, as such value is determined by the State of Maryland Department of Assessments and Taxation and reported annually to the City.
“Situs County” means the County in which the property subject to the tax called for is located in whole or in part.
“Situs County payment” means any payment made by Prince George’s County, Maryland, or Montgomery County, Maryland, to the City in accordance with Section 6-305 of the Tax-Property Article of the Annotated Code of Maryland. (Prior code § 11A-1)

Effective July 1, 2007, all real and personal property which is subject to taxation by the City shall be subject to a tax on the assessed value of such real and personal property as such value is determined by the State Department of Assessments and Taxation, at the rate of:

(Ord. 2007-29 § 1, 2007: prior code § 11A-2)

A. Double Taxation Credit. Effective July 1, 1987, each taxpayer shall be entitled to a credit against the tax which would otherwise be due and payable to the City of equal to an amount determined by:
1. Dividing the Situs County payment actually made in the fiscal year in which a tax credit is to be determined by the assessable and taxable base of the Situs County; and
2. Multiplying the result by each taxable property’s adjusted assessed value.
B. Uniform Application of Formula. This formula shall be applied uniformly to all classes of taxable real and personal property throughout the City.
C. Credit for Bi-County Property. In the event that any real or personal property is located in both Prince George’s and Montgomery Counties, any double taxation credit shall be allowed in the same proportion as County property taxes are imposed. (Prior code § 11A-3)