[Amended 5-10-2016 by Bill No. 2016-03]
A. Except
as otherwise specifically stated, the terms and phrases in this article
have the same meanings as in Title 13 of the Tax-Property Article
of the Annotated Code of Maryland.
B. Department,
as used in this article, means the Maryland State Department of Assessments
and Taxation.
A County transfer tax shall be imposed on an instrument of writing
recorded with the Clerk of the Circuit Court for Charles County or
filed with the State Department of Assessments and Taxation.
The rate of the transfer tax is 0.5% 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 in accordance
with § 13-412 of the Tax-Property Article of the Annotated
Code of Maryland.
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.
[Amended 5-10-2016 by Bill No. 2016-03]
The transfer tax does not apply to all mandatory exemptions
provided in Subtitle 4, Title 13, of the Tax-Property Article, Annotated
Code of Maryland, as amended from time to time.
[Amended 5-10-2016 by Bill No. 2016-03]
The revenue from the transfer tax shall be deposited into the
County general fund.
The transfer tax is subject to the provisions of Subtitle 4,
Title 13, of the Tax-Property Article of the Annotated Code of Maryland,
as amended from time to time.