[Added 6-18-1991 by Bill No. 91-8]
(a)
Tax imposed. A transfer tax, as authorized
by and subject to Title 13 of the Tax-Property Article of the Annotated
Code of Maryland, is imposed upon instruments of writing recorded
with the Clerk of the Circuit Court for Worcester County or filed
with the State Department of Assessments and Taxation. The transfer
tax does not apply to the first fifty thousand dollars of the consideration
payable for an instrument of writing for residentially improved owner-occupied
real property, provided that the property is the principal residence
of the grantee and will actually be occupied by the grantee as the
grantee's principal residence for at least seven months of any twelve-month
period, provided that the instrument of writing is accompanied by
a statement under oath signed by the grantee that such is the case.
[Amended 8-11-1992 by Bill No. 92-14]
(b)
Rate. The transfer tax rate shall be five-tenths
percent of the consideration payable for the instrument of writing.
The consideration includes the amount of any mortgage or deed of trust
assumed by the grantee.
(c)
Collection. The County transfer tax shall
be collected upon presentation of the instrument of writing to the
County Finance Officer prior to recordation thereof in accordance
with procedures as from time to time adopted by the County Commissioners.
