1918

LAWS OF MARYLAND

Ch. 686

FOR the purpose of authorizing the County Council of Prince
George's County to eliminate the transfer tax on
mortgages or deeds of trust for refinancing property
by the original mortgagor or mortgagors; authorizing
the County Council of Prince George's County to provide
for the deferral or abatement of the tax on instruments
conveying title or interest in real property under
certain conditions and with certain limitations; and
generally relating to the transfer tax.

BY repealing and reenacting, with amendments,

The Public Local Laws of Prince George's County
Section 10-187

Article 17 — Public Local Laws of Maryland
(1975 Edition, as amended)

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of Maryland be repealed, amended, or enacted to read as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

Article 17 — Prince George's County

10-187.

(A)   The Council is authorized and empowered to impose
a tax, at a rate not to exceed one percent (1%) of the
actual consideration paid or to be paid under every
instrument of writing conveying title to real property, or
any interest therein, in the County, offered for record and
recorded in the County, provided that conveyances to the
State or any agency thereof or any political Subdivision of
the State, shall not be subject to the tax imposed by this
Section. The term "instrument of writing" shall include
deeds, mortgages, deeds of trust, leases, contracts and
agreements, but shall not include purchase money mortgages,
purchase money deeds of trust, assignments of mortgages or
releases, provided, however, upon any refinancing of
property, by the original mortgagor or mortgagors the tax
shall apply only to the consideration over and above the
amount of the original mortgage or deed of trust. THE
COUNTY COUNCIL MAY, BY ORDINANCE, PROVIDE THAT ANY
INSTRUMENT OF WRITING FOR THE REFINANCING OF PROPERTY BY THE
ORIGINAL MORTGAGOR OR MORTGAGORS SHALL NOT BE SUBJECT TO THE
TAX IMPOSED BY THIS SECTION.

(B)   THE COUNCIL MAY, BY ORDINANCE, PROVIDE FOR
DEFERRAL OR ABATEMENT OF THE TAX IMPOSED BY THIS SECTION ON
THE TRANSFER OF PROPERTY TO FULFILL THE TERMS OF A VALID
LISTING AGREEMENT BETWEEN THE GRANTOR AND GRANTEE AND A
VALID CONTRACT ENTERED INTO BY THE GRANTOR FOR THE PURCHASE
OF ANOTHER PROPERTY. HOWEVER, A DEFERRAL MAY NOT BE FOR
MORE THAN 180 DAYS, AND ABATEMENT SHALL BE CONTINGENT UPON
CONVEYANCE OF ALL THE GRANTEE'S INTEREST TO A THIRD PARTY
WITHIN THE SAME 180 DAYS. THERE SHALL BE NO DEFERRAL OR