Baltimore County                                 2591

Bill No. 81
Tax Resolution No. 2

A Resolution, To increase the transfer tax rate AND TO PROVIDE
CERTAIN EXEMPTIONS FROM SAID INCREASE, by repealing
and re-enacting with amendments section 11-70 AND SUB-SECTION
(g) OF SECTION 11-80 of the Baltimore County Code, 1968, title,
"Finance and Taxation," subheading, "Property Transfer Tax."

Whereas, notice of said tax was advertised for three consecutive
weeks in two newspapers published in the county and having a general
circulation in the county, and after such advertising a public hearing
was held concerning the levy and imposition of said tax; now, therefore

Section 1. Be it resolved by the County Council of Baltimore County,
Maryland, pursuant to the power and authority set forth in section
11-15 of the Baltimore County Code, 1968, that the transfer tax rate
be and it is hereby increased, by repealing and re-enacting with amend-
ments section 11-70 of the Baltimore County Code, 1968, title, "Finance
and Taxation," subheading "Property Transfer Tax," as follows:

Sec. 11-70.

Pursuant to the power and authority contained in section 11-15 of
this Code, a special tax is hereby levied and imposed upon the transfer
of any estate or inheritance or freehold, or any declaration or limitation
of use, or any estate above seven years, in the county, at the rate of one
AND ONE-HALF [one-half of one] percent of the value of the property
transferred. Such tax shall be payable at the time of or before the
presentation of the conveyance to the supervisor of assessments for the
county for transfer of the assessment of such property on the assessment
books of the county. The payment of the tax imposed by this article
shall be made to the county at the office of the director of finance
in the county courthouse, and shall be evidenced by the affixing of an
official receipt upon the deed by the director of finance or his authorized
representative.

Section 2. And be it further enacted, THAT SUBSECTION (g)
OF SECTION 11-80 OF THE BALTIMORE COUNTY CODE, 1968,
TITLE "FINANCE AND TAXATION," SUBHEADING "PROPERTY
TRANSFER TAX," BE AND IT IS HEREBY REPEALED AND RE-
ENACTED WITH AMENDMENTS TO READ AS FOLLOWS:

(g) SUCH INCREASE IN THE TRANSFER TAX RATE AS PRO-
VIDED IN SECTION 1 OF BILL NO. 81, 1969, SHALL NOT APPLY
TO TRANSFERS ARISING OUT OF OR EMANATING FROM AGREE-
MENTS TO SELL OR LEASE ENTERED INTO ON OR BEFORE JUNE
30, 1969; PROVIDED, HOWEVER, AN AFFIDAVIT BY AN OFFICER
OF A FINANCIAL INSTITUTION WHICH PROPOSES TO LEND MON-
EY IN CONNECTION WITH SUCH TRANSFER, BE FURNISHED TO
THE DIRECTOR OF FINANCE, TO ESTABLISH THAT SUCH AGREE-
MENT TO SELL OR LEASE WAS SUBMITTED ON OR BEFORE JUNE
30, 1969, TO SUCH INSTITUTION IN CONJUNCTION WITH AN APP-
LICATION FOR THE LOAN: PROVIDED, HOWEVER, THAT SUCH
AFFIDAVIT NEED NOT BE FURNISHED IF IT CAN BE SHOWN TO
THE SATISFACTION OF THE DIRECTOR OF FINANCE THAT SUCH
AGREEMENT TO SELL OR LEASE WAS RECORDED AMONG THE
LAND RECORDS OF BALTIMORE COUNTY ON OR BEFORE JUNE
30, 1969.