HARRY HUGHES, Governor

1971

SUBDIVISION MAY NOT IMPOSE SUCH A TAX INCREASE, THE TAX

ABOVE THE RATE IMPOSED AS OF JULY 1, 1979 A LOCAL TRANSFER

TAX TO A RATE, OR INCREASE A LOCAL TRANSFER TAX TO A RATE,
ABOVE THE RATE IMPOSED AS OF JULY 1, 1979 ON ANY LAND
SUBJECT TO THE PROVISIONS OF THIS PARAGRAPH. FURTHERMORE,
IN ANY SUBDIVISION THAT IMPOSES SUCH A TAX HAS IMPOSED A TAX
TRANSFER TAX AT A RATE IN EXCESS OF THE RATE OF THE TRANSFER
TAX LEVIED ON IMPROVED RESIDENTIAL PROPERTY, THE PAYOR OF
THE MOST RECENT TRANSFER TAX APPLIED AT THE MAXIMUM SATE
APPLICABLE TO LAND PREVIOUSLY ASSESSED AS AGRICULTURAL, UPON
APPLICATION, SHALL BE ENTITLED TO A REFUND AT THE TIME THE
LIEN DEVELOPMENT TAX IS PAID. THE AMOUNT OF THE REFUND
SHALL BE THE AMOUNT BY WHICH THE TRANSFER TAX ON THE SAME
LAND EXCEEDED 1 PERCENT OF THE VALUE OF THE CONSIDERATION
RECEIVED FOR THE SALE OF THE LAND AT THE TIME OF PAYMENT OF
THE TRANSFER TAX, BUT MAY NOT EXCEED THE AMOUNT OF THE LIEN
DEVELOPMENT TAX. A REFUND MAY NOT BE MADE OF THE TAXES
IMPOSED BEFORE JULY 1, 1979, AND A REFUND OF THE FULL AMOUNT
OF THE EXCESS OF PAYMENT MAY NOT BE MADE OF TAXES PAID MORE
THAN 3 5 YEARS BEFORE THE PAYMENT OF THE LIEN. DEVELOPMENT

TAX. IN THE 6TH YEAR BEFORE THE PAYMENT OF THE DEVELOPMENT

TAX THE REFUND SHALL BE IN THE AMOUNT OF 75 PERCENT OF THE

EXCESS OF PAYMENT; IN THE 7TH YEAR THE REFUND SHALL BE IN

THE AMOUNT OF 50 PERCENT OF THE EXCESS OF PAYMENT, AND IN

THE 8TH YEAR THE REFUND SHALL BE IN THE AMOUNT OF 25 PERCENT

ALLOWED. REFUND OF SUCH EXCESS TRANSFER TAXES PAID SHALL BE
EQUAL TO 100 PERCENT OF THE EXCESS PAYMENT, FOR SUCH TAXES
PAID WITHIN 2 YEARS BEFORE PAYMENT OF THE DEVELOPMENT TAX;
75 PERCENT OF THE EXCESS PAYMENT FOR SUCH TAXES PAID MORE
THAN 2 YEARS BUT NOT MORE THAN 3 YEARS BEFORE PAYMENT OF THE
DEVELOPMENT TAX; 50 PERCENT OF THE EXCESS PAYMENT FOR SUCH
TAXES PAID MORE THAN 3 YEARS BUT NOT MORE THAN 4 YEARS
BEFORE PAYMENT OF THE DEVELOPMENT TAX; AND 25 PERCENT OF THE
EXCESS PAYMENT FOR SUCH TAXES PAID MORE THAN 4 YEARS BUT NOT
MORE THAN 5 YEARS BEFORE PAYMENT OF THE DEVELOPMENT TAX.
REFUND OF EARLIER TRANSFER TAXES MAY NOT BE REQUIRED.

B. IF THERE IS NO REFUND UNDER

SUB-SUBPARAGRAPH (IX)A. ABOVE, ANY PERSON PAYING A LIEN AS

PROVIDED UNDER THIS PARAGRAPH SHALL BE GIVEN CREDIT FOR THE

LIEN IF ANY FARMLAND TRANSFER TAX IS PAID SUBSEQUENT TO

BY WHICH THE TRANSFER TAX EXCEEDS THE TRANSFER TAX GENERALLY

PAYABLE ON THE TRANSFER OF RESIDENTIAL PROPERTY.

B. IF THERE IS NO REFUND UNDER

SUB-SUBPARAGRAPH (IX) A. ABOVE, ANY PERSON PAYING__THE

DEVELOPMENT TAX AS PROVIDED UNDER THIS PARAGRAPH SHALL BE
GIVEN CREDIT AGAINST ANY FARMLAND TRANSFER TAX, PROVIDED
THAT THE FARMLAND TRANSFER TAX IS PAID WITHIN 5 YEARS OF THE

PAYMENT OF THIS DEVELOPMENT TAX. THE CREDIT WILL BE IN AN

AMOUNT EQUAL TO A PORTION OF DEVELOPMENT TAX PAID
ATTRIBUTABLE TO THE LAND SUBJECT TO THE FARMLAND TRANSFER
TAX BUT THE CREDIT MAY NOT EXCEED THE AMOUNT BY WHICH THE

FARMLAND TRANSFER TAX EXCEEDS THE TRANSFER TAX GENERALLY

PAYABLE ON THE TRANSFER OF RESIDENTIAL PROPERTY.