Ch. 342                                     1993 LAWS OF MARYLAND

(2)     The term "instrument of writing" shall include deeds, mortgages, deeds
of trusts, leases, contracts and agreements, but shall not 'include purchase money
mortgages, purchase money deeds of trust, assignments of mortgages or releases[,
provided, however, upon].

(3)     ON 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.

(4)     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] UNDER this [Section] SECTION.

(5)     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 [twelve (12)] 12 months has elapsed since the recording of the
prior mortgage or deed of trust, the County Council may by ordinance exempt all or any
part of the consideration in excess of the amount of the original mortgage or deed of
trust.                                                                       

(A-1) A TRANSFER TAX IMPOSED UNDER THIS SECTION MAY NOT EXCEED:

(1) 1.4% ON OR AFTER JULY 1, 1993;

(2) 1.3% ON OR AFTER JULY 1, 1991;

(3) 1.2% ON OR AFTER JULY 1, 1995;

(4) 1.1% ON OR AFTER JULY 1, 1996; AND

(5) 1% ON OR AFTER JULY 1, 1997.

(E)     TAX REVENUE COLLECTED UNDER THIS SECTION, EXCEEDING ANY
ADDITIONAL FEE FOR DEFERRED PAYMENTS AUTHORIZED UNDER SUBSECTION (D)
OF THIS SECTION, SHALL BE USED ONLY FOR FUNDING OF PUBLIC EDUCATION
WITHIN THE INSTRUCTIONAL SALARIES, INSTRUCTIONAL MATERIALS AND
RELATED COSTS. SPECIAL EDUCATION, AND FIXED CHARGES BUDGET CATEGORIES
IN THE COUNTY.

(F)     THE GOVERNING BODY OF THE COUNTY MAY PROVIDE BY LAW THAT
INSTRUMENTS OF WRITING RECORDED AS A RESULT OF THE TRANSFER OF REAL
PROPERTY FROM THE COUNTY OR THE HOUSING AUTHORITY TO ORGANIZATIONS
CERTIFIED PURSUANT TO THE COUNTY'S OPPORTUNITY HOUSING PROGRAM AND
FINANCING FOR THE DEVELOPMENT OF SUCH PROJECTS ARE EXEMPT FROM THE
TAX AUTHORIZED UNDER SUBSECTION (A) OF THIS SECTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1993.

Approved May 11, 1993.

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