1972                                       LAWS OF MARYLAND                                    Ch. 702

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 29, 1979.

CHAPTER 703

(Senate Bill 981)

AN ACT concerning

Montgomery County — Local Property Transfer Tax —

Deferred Payment

MC 203-79

FOR the purpose of providing that the governing body of
Montgomery County may by law defer payment of the local
real property transfer tax levied on certain property
over a period of time; providing that the unpaid
balance shall be a lien on the property; establishing
the rate of interest to be charged on the unpaid
balance; and permitting Montgomery County to establish
other requirements; and providing for the issuance of
tax anticipation notes by the county under a certain
condition.

BY adding to

Article 81 — Revenue and Taxes

Section 278D

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be repealed, amended, or enacted to read as follows: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

278D.

(A) IN MONTGOMERY COUNTY, THE GOVERNING BODY OF

MONTGOMERY COUNTY BY ORDINANCE OR RESOLUTION ENACTED UNDER

ITS USUAL PROCEDURE, MAY PROVIDE FOR DEFERRED PAYMENT OF ANY

TRANSFER TAX LEVIED ON OWNER OCCUPIED SINGLE FAMILY

RESIDENTIAL PROPERTY.

(B) INTEREST SHALL BE CHARGED ON THE UNPAID BALANCE

OF THE TRANSFER TAX AT THE RATE OF 2/3 OF 1 PERCENT PER

MONTH OR FRACTION THEREOF UNTIL PAID.