HARRY HUGHES, Governor

3005

Annotated Code of Maryland
(1975 Volume and 1980 Supplement)

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of Maryland be repealed, amended, or enacted to read as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 16 - Montgomery County

52-20.

(a) The county council for Montgomery County is
empowered and authorized to levy and impose by resolution or
ordinance a tax to be paid and collected on the transfer in
Montgomery County of any fee simple interest in real
property, except by way of mortgage, deed of trust, or deed
of trust for the benefit of creditors, STOCK OR OTHER
EVIDENCE OF OWNERSHIP IN A COOPERATIVE HOUSING CORPORATION
OR SIMILAR ENTITY, and on the transfer of any leasehold
interest in real property, where such lease contains a
covenant for perpetual renewal. The rate of such tax, shall
not exceed:

(1)  Six percent of the value of the
consideration for any transfer of land, excluding
improvements thereon, which, while owned by the transferor,
has been assessed at any time during the five years
preceding transfer on the basis of being actively devoted to
farm or agricultural use. The tax shall be paid by the
transferor of such land; or

(2)  Six percent of the value of the
consideration for any transfer of real property which, after
the effective date of any such rate of tax has been rezoned
to a more intensive use at the instance of the transferor or
transferee, excluding the value of improvements constructed
after such rezoning; or

(3)  Four percent of the value of the
consideration for the initial transfer of a residential unit
subject to a condominium regime offered for rent for
residential purposes prior to the establishment of the
condominium regime. The tax shall be paid by the initial
transferor of the residential unit. The tax shall be in
addition to the tax provided in paragraph (4) of this
subsection; or

(4)  FOUR PERCENT OF THE VALUE OF THE
CONSIDERATION FOR THE INITIAL TRANSFER OF STOCK OR OTHER
EVIDENCE OR MEMBERSHIP IN A COOPERATIVE HOUSING COOPERATION
OR SIMILAR ENTITY WHERE SUCH STOCK CORRESPONDS TO A
RESIDENTIAL UNIT WHICH IS BEING CONVERTED FROM RENTAL STATUS
TO A SYSTEM OF COOPERATIVE HOUSING CORPORATION OWNERSHIP
UNDER WHICH TITLE TO A MULTI-UNIT RESIDENTIAL FACILITY IS
HELD BY A CORPORATION, THE SHAREHOLDERS OR MEMBERS OF WHICH,