|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
Ch. 444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the actual consideration paid or to be paid under every instrument of writing
conveying title to real property, or any interest therein, in the County, offered for
record and recorded in the County Conveyances to the State, any agency of the State,
or any political Subdivision of the State shall not be subject to the tax imposed under
this Section.
(b) (1) The Council may not impose a tax on the consideration represented
by the assumption of a mortgage or deed of trust on an instrument of writing
conveying title to real property between a husband and wife.
(2) The tax authorized under Subsection (a) of this Section does not
apply to a mortgage or deed of trust on property that is owned by a religious group if
the property is exempt from the property tax under Section 7-204 of the Tax—
Property Article of the Annotated Code of Maryland.
(3) (I) IN THIS PARAGRAPH, "FIRST-TIME PRINCE GEORGE'S COUNTY
HOME BUYER" MEANS AN INDIVIDUAL WHO HAS NEVER OWNED RESIDENTIAL REAL
PROPERTY IN THE COUNTY THAT HAS BEEN THE INDIVIDUAL'S PRINCIPAL
RESIDENCE.
(II) FOR A SALE OF IMPROVED RESIDENTIAL REAL PROPERTY TO A
FIRST TIME PRINCE GEORGE'S COUNTY HOME BUYER WHO WILL OCCUPY THE
RESIDENCE AS A PRINCIPAL RESIDENCE, THE RATE OF A TRANSFER TAX IMPOSED
UNDER THIS SECTION MAY NOT EXCEED 1.3%.
(III) IF THERE ARE TWO OR MORE GRANTEES, THIS PARAGRAPH
DOES NOT APPLY UNLESS EACH GRANTEE IS A FIRST TIME PRINCE GEORGE'S
COUNTY HOME BUYER OR A CO-MAKER OR GUARANTOR OF A PURCHASE MONEY
MORTGAGE OR PURCHASE MONEY DEED OF TRUST AS DEFINED IN as 12-108(I) OF THE
TAX PROPERTY ARTICLE OF THE ANNOTATED CODE OF MARYLAND, AND THE
CO-MAKER OR GUARANTOR WILL NOT OCCUPY THE RESIDENCE AS THE CO MAKER'S
OR GUARANTOR'S PRINCIPAL RESIDENCE.
(IV) TO QUALIFY FOR THE RATE REDUCTION UNDER THIS
PARAGRAPH, EACH GRANTEE SHALL PROVIDE A STATEMENT THAT IS SIGNED UNDER
OATH BY THE GRANTEE STATING THAT:
1. A. THE GRANTEE IS AN INDIVIDUAL WHO HAS NEVER
OWNED RESIDENTIAL REAL PROPERTY IN THE COUNTY THAT HAS BEEN THE
INDIVIDUAL'S PRINCIPAL RESIDENCE; AND
B. THE RESIDENCE WILL BE OCCUPIED BY THE GRANTEE AS
THE GRANTEE'S PRINCIPAL RESIDENCE; OR
2. A. THE GRANTEE IS A CO-MAKER OR GUARANTOR OF A
PURCHASE MONEY MORTGAGE OR PURCHASE MONEY DEED OF TRUST FOR THE
PROPERTY AS DEFINED IN 12-108(I) OF THE TAX - PROPERTY ARTICLE OF THE
ANNOTATED CODE OF MARYLAND; AND
B. THE GRANTEE WILL NOT OCCUPY THE RESIDENCE AS THE
CO-MAKER'S OR GUARANTOR'S PRINCIPAL RESIDENCE.
|
|
|
|
|
|
|
|
|
|
- 2419 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
