WILLIAM DONALD SCHAEFER, Governor                   Ch. 655

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. AS TO A MORTGAGE OR
DEED OF TRUST ON THE MORTGAGOR'S PRINCIPAL RESIDENCE RECORDED
AFTER THE RECORDATION OF A PURCHASE MONEY MORTGAGE OR PURCHASE
MONEY DEED OF TRUST, WHEN MORE THAN 12 MONTHS HAS ELAPSED SINCE
THE RECORDING OF THE PRIOR MORTGAGE OR DEED OF TRUST, THE COUNTY
COUNCIL MAY BE BY ORDINANCE EXEMPT ALL OR ANY PART OF THE
CONSIDERATION IN EXCESS OF THE AMOUNT OF THE ORIGINAL MORTGAGE OR
DEED OF TRUST.

(D) IN PRINCE GEORGE'S COUNTY, IF RESIDENTIAL REAL PROPERTY
IS INTENDED TO BE THE PRINCIPAL RESIDENCE OF THE TRANSFEREE, THE
TRANSFEREE MAY ELECT TO PAY THE TRANSFER TAX IN 6 EQUAL
INSTALLMENTS. THE FIRST INSTALLMENT SHALL BE PAID ON THE DATE OF
TRANSFER, AND THE REMAINING INSTALLMENTS SHALL BE PAID ON OR
BEFORE THE LAST DAY OF EACH SUCCEEDING MONTH. IF THE TRANSFER
TAXES ARE PAID IN INSTALLMENTS, THERE SHALL BE AN ADDITIONAL FEE
ESTABLISHED BY THE DIRECTOR OF FINANCE WHICH SHALL BE REASONABLY
EQUIVALENT TO THE INTEREST LOST AND ADDITIONAL ADMINISTRATIVE
COST RESULTING FROM THE PAYMENT OF THE TRANSFER TAX IN
INSTALLMENTS. THE DIRECTOR OF FINANCE SHALL ADOPT REGULATIONS TO
IMPLEMENT THE PROVISIONS OF THIS SECTION, INCLUDING REGULATIONS
ESTABLISHING THE METHOD FOR CALCULATING THE ADDITIONAL FEE
REQUIRED. ANY DEFERRED TAX AND ADDITIONAL FEE AUTHORIZED UNDER
THIS SECTION SHALL BE A LIEN AGAINST THE PROPERTY FROM THE TIME
OF RECORDATION OF THE INSTRUMENT UNTIL THE TAX AND FEE HAVE BEEN
PAID IN FULL, UNLESS THE COUNTY COUNCIL PROVIDES AN ALTERNATIVE
METHOD FOR SECURING PAYMENT. ANY DEFERRED TAX UNDER THIS
SUBSECTION INVOLVING FEDERAL LOANS OR FEDERALLY INSURED OR
GUARANTEED LOANS SHALL TAKE A SECONDARY LIEN STATUS WHERE SO
REQUIRED BY FEDERAL LAW. FOR ACCOUNTING PURPOSES, PRINCE
GEORGE'S COUNTY MAY ACCRUE AS REVENUE FOR THE FISCAL YEAR IN
WHICH THE TRANSFER OCCURS ALL REVENUES DUE FROM THE TRANSFER TAX
ON THE TRANSFER, REGARDLESS OF WHETHER ALL OF THE REVENUES WILL
ACTUALLY BE COLLECTED IN THAT FISCAL YEAR.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved June 2, 1987.

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