HARRY HUGHES, Governor
1651
Approved May 29, 1979.
CHAPTER 585
(House Bill 803}
AN ACT concerning
Recordation and Transfer Taxes
FOR the purpose of eliminating payment of recordation and
transfer taxes on certain transactions to the extent
that the consideration for the transaction consists of
an express or implied assumption of a mortgage or deed
of trust; eliminating payment of recordation and
transfer taxes on certain transactions connected with
separation agreements; correcting an error; and
clarifying language.
BY repealing and reenacting, with amendments,
Article 81 - Revenue and Taxes
Section 277(b) and 278A
Annotated Code of Maryland
(1975 Replacement Volume and 1978 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be repealed, amended, or enacted to read as follows: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) (1) In the case of instruments conveying title
to property, the tax shall be at the rate of [55¢] 55 CENTS
for each [$500.00] $500 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¢] 55 CENTS for each [$500.00] $500 of the principal
amount of the debt secured.
(2) IN A TRANSFER BETWEEN JOINT OBLIGOR SPOUSES
OR FORMER SPOUSES OF PROPERTY SUBJECT TO A MORTGAGE, THE
AMOUNT OF CONSIDERATION DOES NOT INCLUDE THE VALUE OF THE
OUTSTANDING MORTGAGE EXPRESSLY OR IMPLIEDLY ASSUMED BY THE
GRANTEE. IF THE CONSIDERATION FOR A TRANSFER OF PROPERTY
PURSUANT TO A SEPARATION AGREEMENT BETWEEN SPOUSES OR FORMER
SPOUSES CONSISTS OF A BENEFIT OTHER THAN MONEY OR EVIDENCE
OF INDEBTEDNESS, THE TAX DOES NOT APPLY.
|