[Adopted 5-24-2007 by Bill No. 6-07, effective 8-1-2007 (Ch. 182, Art. IV, of the 1984 Code); amended in its entirety 5-12-2011 by Bill No. 1-11, effective 7-1-2011]
Editor's Note: This bill also repealed former Art. IV, Recordation Tax, adopted 6-5-2003 by Bill No. 4-03.
The rate of the recordation tax on instruments of writing recorded in Allegany County provided for, in, and imposed under Title 12 of the Tax Property Article of the Annotated Code of Maryland is $3.50 for each $500 or fraction of $500 of consideration payable or of the principal amount of the debt secured.
With respect to an instrument of writing that secures a debt of which only a portion was incurred at the time the instrument was recorded, the amount of the tax on each subsequent advance or readvance shall be calculated by aggregating the debt on which the tax has been paid with the increase in the debt, applying the rates set forth in Subsection A to the aggregate amount of the debt on which tax has been paid and is being paid, and subtracting the amount of any tax already paid.