3056                                          LAWS OF MARYLAND                                      Ch. 800

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.

Approved May 27, 1986.

CHAPTER 800

(House Bill 1508)

AN ACT concerning

Recordation and Transfer Taxes - Authorization of Exemption

FOR the purpose of authorizing the counties and Baltimore City to
enact exemptions, from recordation taxes or county transfer
taxes, of a specified amount of the consideration payable on
the conveyance of owner-occupied residential property under
certain circumstances.

BY repealing and reenacting, with amendments,

Article - Tax - Property
Section 12-103(b)
Annotated Code of Maryland
(1986 Volume)

BY adding to

Article - Tax - Property
Section 13-408
Annotated Code of Maryland
(1986 Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

12-103.

(b) (1) The Mayor and City Council of Baltimore City or the
governing body of a county may set, by law, the recordation tax
rate in the county.

(2) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR
THE GOVERNING BODY OF A COUNTY MAY PROVIDE FOR AN EXEMPTION FROM
THE TAX OF A SPECIFIED AMOUNT OF THE CONSIDERATION PAYABLE ON THE
CONVEYANCE OF OWNER-OCCUPIED RESIDENTIAL PROPERTY IF THE BUYER
INTENDS TO USE THE PROPERTY AS AN OWNER-OCCUPIED RESIDENCE.