1166                             Laws of Maryland                      [Ch. 523

ment), title "Revenue and Taxes," subtitle "State Property Trans-
fer Tax," to make the State property transfer tax applicable to the
entire consideration paid or payable for the conveyance of title.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 287A 278A of Article 81 of the Annotated Code of
Maryland (1970 Supplement), title "Revenue and Taxes," subtitle
"State Property Transfer Tax," be and it is hereby repealed and
re-enacted, with amendments, to read as follows:

287A. 278A.

In order to pay the principal and interest on the certificates of
indebtedness issued pursuant to the "Outdoor Recreation Land
Loan of 1969," or "Program Open Space" ;

(a)    A tax is hereby imposed upon every written instrument
conveying title to real property, or a leasehold interest therein,
offered for record and recorded among the land records in the
State, but conveyances by or to the United States, the State, or any
political subdivision of the State, or any agency or instrumentality
thereof, shall not be subject to the tax imposed by this section. The
term "written instrument" includes leases for a term of years above
seven years, not perpetually renewable but does not include any
mortgage, deed of trust, conditional sales contract, or any other
device the purpose of which is to afford a security in real property
rather than convey title thereto.

(b)    The tax imposed by this section shall be levied at the rate of
one half of one percent (0.5%) of the actual consideration paid
or to be paid for the conveyance of title and shall be collected by the
clerks of the circuit courts of the counties or the clerk of the Superior
Court of Baltimore City.

(c)    In the case of the creation of or a transfer of a perpetually
renewable ground rent, the tax shall be based upon the capitalization
at 6 percent of the annual ground rent, plus the actual consideration,
other than the capitalization of the ground rent, paid or to be paid.

(d) (1) In the case of a lease for a term of years, not perpetually
renewable, the tax shall be based upon the capitalization at 10% of
the average annual rental over the entire term of the lease, including
any renewable term, plus the actual consideration, other than rent,
paid or to be paid. Where the average annual rental cannot be
determined, the tax shall be based upon either (1) (I) the minimum
average annual rental ascertainable from the terms of the lease plus
5% thereof, the whole to be capitalized at 10%, plus the actual
consideration, other than rent, paid or to be paid, or (ii) the
assessed value of the property covered by the lease multiplied by
one and one half, whichever is the greater. The provisions of this
section shall not apply to leases of personal property.

(2) No attornment agreement, memorandum of lease, assign-
ment of lease or other instrument (referred to collectively herein as
"other instrument") intended to publicize or giving or intended to
give constructive notice of the existence of a lease which has not
been recorded but which, if recorded, would be taxable hereunder,
whether or not such other instrument gives such constructive notice
in point of law, shall be received for recording until the original