[Adopted 2-21-1989 by Bill No. 88-4]
In this Article, the following words have the
meanings indicated:
The Clerk of Circuit Court for Caroline County.
County Commissioners of Caroline County, Maryland.
The State Department of Assessments and Taxation.
A written instrument that conveys title to, or a leasehold
interest in, real property.
INCLUDES:
A deed or contract.
A lease.
An assignment of a lessee's interest.
Articles of transfer.
Articles of merger or other document which evidences
a merger of foreign corporations or foreign limited partnerships.
Articles of consolidation or other document
which evidences a consolidation of foreign corporations.
The tax imposed under this Article.
A County transfer tax shall be imposed on an
instrument of writing recorded with the Clerk or filed with the Department.
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.
The consideration payable shall be described
in:
The calculation of the transfer tax shall be
determined in the same manner as provided by § 13-205 of
the Tax-Property Article of the 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 of the Annotated Code of Maryland, as amended from time to
time.
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 of the Annotated
Code of Maryland.
B.
The first $25,000 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.
C.
The first $75,000 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 all grantees, that each is a
first-time homebuyer and that the residence will be occupied by the
grantees.
A.
The revenue from the transfer tax shall be paid to
the County Comptroller for Caroline County for deposit in a special
County fund to be designated "Capital Improvement Fund."
[Amended 5-8-2007 by Bill No. 2007-1; 10-9-2007 by Bill No. 2007-5]
B.
Amounts on deposit in the Capital Improvement Fund
may be used and applied for the following public purposes:
(1)
Payment of the principal of and interest on any general
obligation notes issued by the County pursuant to public local law.
(2)
Payment of an interest-free loan to any other fund
of the County, provided that the loan is repaid to the Capital Improvement
Fund on or before January 1 immediately following the end of the fiscal
year in which the loan was made.
(3)
Payment of County matching funds for program open
space.
(4)
Payment on a pay-as-you-go basis of all or a portion
of the costs of any capital project of the County, including design,
architectural, engineering, planning, financial and legal costs.
(5)
Payment of maintenance or repair costs, provided that
the payment is required to meet or avert a bona fide emergency.
C.
Amounts on deposit in the Capital Improvement Fund
may be pledged as additional security for any general obligation notes
issued under public local law.
D.
Prior to the beginning of each fiscal year, the County shall develop an annual budget for the Capital Improvement Fund, including revenue estimates and proposed appropriations. Except for a payment required to meet or avert a bona fide emergency, appropriations from the Capital Improvement Fund in any fiscal year shall not exceed 50% of the estimated revenue to be deposited in the Capital Improvement Fund during that fiscal year until the balance in the Capital Improvement Fund exceeds $750,000. Any amount on deposit in the Capital Improvement Fund in excess of $750,000 may be appropriated for any of the purposes specified in Subsection B of this section.
E.
Anything in this § 166-9 notwithstanding, the county commissioners of Caroline County, Maryland (the County Commissioners), upon a declaration of a financial emergency or exigent financial circumstances, may reduce the Capital Improvement Fund below $750,000 and may use or transfer monies in the Capital Improvement Fund for capital projects and/or transfer to the general fund for operating costs and expenses or other general fund expenditures.
[Added 4-20-2010 by Bill No. 2010-2]
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.