(a) Rates. The rates and the allocations of the recordation tax, levied under Md. Tax- Property Code §§12-101 to 12-118, as amended, are:
(1) for each $500 or fraction of $500 of consideration payable or of the principal amount of the debt secured for an instrument of writing, including the amount of any mortgage or deed of trust assumed by a grantee;
(A) $2.08, of which the net revenue must be reserved for and allocated to the County general fund; and
(B) $2.37, of which the net revenue must be reserved for and allocated to the cost of capital improvements to schools; and
(2) if the consideration payable or principal amount of debt secured exceeds $500,000, an additional $2.30 for each $500 or fraction of $500 of the amount over $500,000, of which the net revenue must be reserved for and allocated equally to:
(A) the cost of County government capital improvements; and
(B) rent assistance for low and moderate income households, which must not be used to supplant any otherwise available funds.
(b) Exemption. The first $100,000 of the consideration payable on the conveyance of any owner-occupied residential property is exempt from the recordation tax if the buyer of that property is an individual and intends to use the property as the buyer’s principal residence by actually occupying the residence for at least 7 months of the 12-month period immediately after the property is conveyed. (, § 1; , § 1; , § 1.)
Editor’s note—, § 2, states: The allocation of recordation tax revenue made in Section 1 replaces each allocation of recordation tax revenue established in previously enacted uncodified legislation.
, § 2, states: This Act takes effect on March 1, 2008, and applies to any transaction which occurs on or after that date.
, § 3, amended by , § 1, further amended by , § 1, and further amended by , § 1, states: Allocation of Revenue. During any fiscal year that begins on or after July 1, 2012, the net revenue attributable to the increase in the rate of the recordation tax enacted in this Act must be reserved for and allocated equally to:
(a) the cost of County government capital improvements; and
(b) rental assistance programs for low- and moderate-income households, which must not be used to supplant any otherwise available funds.
Sec. 3. Effect of Previous Actions. Effective July 1, 2002, this Act supersedes Resolution No. 7-182. Any action taken under that resolution before that date, including the levy and collection of the recordation tax, is ratified and confirmed as if that action had been taken under authority of a law enacted by the County Council.
, § 4, amended by , § 1, further amended by , § 1, and further amended by , § 2, states:
Sec. 4. Allocation of Revenue. During any fiscal year that begins on or after July 1, 2004, except a fiscal year that begins on July 1, 2010, the net revenue attributable to the increase in the rate of the recordation tax enacted in this Act must be reserved for and allocated to the cost of capital improvements to schools and educational technology for Montgomery College in the form of debt service for debt-eligible projects and current revenue for debt-eligible or non-debt-eligible projects.
Former Section 52-16B, relating to a beverage container tax, was repealed by §§ 1 and 2 of 1994 L.M.C., ch. 21. The section was derived from 1976 L.M.C., ch. 22, § 1; 1976 L.M.C., ch. 43, § 2; 1977 L.M.C., ch. 4, § 1; 1978 L.M.C., ch. 8, § 1; 1983 L.M.C., ch. 22, § 56; 1984 L.M.C., ch. 24, § 50; 1984 L.M.C., ch. 27, § 33; and CY 1991 L.M.C., ch. 10, § 1.
Editor’s note—Former Section 52-16C, Real property tax recapture, derived from 1977 L.M.C., ch. 41, § 1, was repealed by , § 1, after it was ruled invalid in Montgomery County Board of Realtors v. Montgomery County, 287 Md. 101, 411 A.2d 97 (1980).
