WILLIAM DONALD SCHAEFER, Governor Ch. 694

(1)   [any] ANY fee simple interest in real property,
except by way of mortgage, deed of trust, or deed of trust for
the benefit of creditors[,];

(2)   [stock] STOCK or other evidence of ownership in a
cooperative housing corporation or similar entity[,]; and

(3)   [on the transfer of any] ANY leasehold interest
in real property, where such lease contains a covenant for
perpetual renewal; AND

(4)  ANY NONRESIDENTIAL LEASEHOLD INTEREST IN REAL
PROPERTY WHERE THERE IS A SIMULTANEOUS OR SUBSEQUENT TRANSFER OF
THE FEE INTEREST IN THE REAL PROPERTY TO:

(I)  ANY TRANSFEREE OR ASSIGNEE OF THE
LEASEHOLD; OR

(II)  ANY ENTITY IN WHICH A TRANSFEREE OR
ASSIGNEE OF THE LEASEHOLD HAS ANY INTEREST.

(B) The rate of such tax shall not exceed:

(1)  Six [(6)] 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 [(5)] 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 [(6).] 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, transferee, or
any other person who has or had at the time of application for
rezoning a financial, contractual, or proprietary interest in the
property[. But], BUT excluding the value of improvements
constructed after such rezoning; or

(3)  Four [(4)] 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)] (5) of this subsection; or

(4)  Four [(4)] percent of the value of the
consideration for the initial transfer of stock or other evidence
of membership in a cooperative housing corporation 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

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