BLAIR LEE III, Acting Governor

1625

AN ACT concerning

Recordation and Property Transfer Taxes

FOR the purpose of requiring the inclusion in certain
instruments transferring title to property, including
instruments securing a debt, under the recordation tax
and State property transfer tax of statements of the
actual consideration payable upon transfer of the
property and the amount of any debts secured or
incurred by the transfer of property, or requiring
these instruments to be accompanied by a separate
affidavit stating such actual consideration,

BY repealing and reenacting, with amendments,

Article 81 — Revenue and Taxes

Section 277(b) and 278A(b)

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 — Revenue and Taxes

277.

(b) In the case of instruments conveying title to
property, the tax shall be at the rate of 55¢ for each
$500.00 or fractional part thereof of the actual
consideration paid or to be paid; in the case of instruments
securing a debt, the tax shall be at the rate of 55¢ for
each $500.00 of the principal amount of the debt secured. A
STATEMENT OF THE AMOUNT OF THE ACTUAL CONSIDERATION PAID OR
TO BE PAID, IF ANY, INCLUDING THE AMOUNT OF ANY MORTGAGE, OR
DEED OF TRUST ASSUMED BY THE GRANTEE, OR THE PRINCIPAL
AMOUNT OF THE DEBT SECURED, AND INCURRED, IF ANY, AS
APPLICABLE, SHALL EITHER BE INCLUDED IN EVERY INSTRUMENT
TAXABLE UNDER THIS SECTION OFFERED FOR RECORD AS PART OF ITS
RECITALS OR AS PART OF THE ACKNOWLEDGEMENT, OR BE CONTAINED
IN A SEPARATE AFFIDAVIT ACCOMPANYING THE INSTRUMENT, SIGNED
UNDER THE PENALTIES OF PERJURY BY A PARTY TO THE INSTRUMENT
OR THE AGENT OF SUCH PARTY.

278A.

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

(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, the clerk of the Superior Court of