In this article, the following words have the meanings indicated:
CLERK
The Clerk of Circuit Court for Allegany County.
COUNTY
County Commissioners of Allegany County, Maryland.
INSTRUMENT OF WRITING
A written instrument that conveys title to or a leasehold
interest in real property; and
A.
Includes:
(3)
An assignment of a lessee's interest.
B.
Does not include:
(1)
A mortgage, deed of trust or other contract that creates an
encumbrance on real property; or
(2)
A security agreement, as defined in § 12-101(e) of
the Tax-Property Article, Annotated Code of Maryland.
A County transfer tax shall be imposed on an instrument of writing
recorded with the Clerk.
[Amended 4-28-2005 by Bill No. 4-05; effective 7-1-2005]
The rate of the transfer tax is 1/2 of 1% 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.
The consideration payable shall be described in:
A. The recitals or the acknowledgment of the instrument of writing;
or
B. A statement under oath that accompanies the instrument of writing
and that is signed by a party to the instrument of writing or by an
agent of a party.
The calculation of the transfer tax shall be determined in the
same manner as provided by § 13-205 of the Tax-Property
Article, Annotated Code of Maryland.
The County transfer tax shall be imposed on an instrument of
writing that transfers the real property of a corporation to its stockholders
or the real property of a partnership to its partners in the same
manner as provided in § 13-206 of the Tax-Property Article,
Annotated Code of Maryland, as amended from time to time.
[Amended 10-27-2011 by Bill No. 6-11, effective 1-1-2012]
The transfer tax does not apply to:
A. An instrument of writing exempt from the state transfer tax under
§ 13-207 of the Tax-Property Article, Annotated Code of
Maryland; or
B. The first $50,000 of the consideration payable on an instrument of
writing for residentially improved owner-occupied real property, provided
that the instrument of writing is accompanied by a statement under
oath signed by the grantee that the residence will be occupied by
the grantee.
The revenue from the transfer tax shall be paid to the County
Finance Director for Allegany County for deposit in the County general
fund.