§ 13-203. Rates and exemptions
West's Annotated Code of MarylandTax-PropertyEffective: July 1, 2013
Effective: July 1, 2013
MD Code, Tax - Property, § 13-203
§ 13-203. Rates and exemptions
(a)(1) Except as provided in subsections (a-1) and (b) of this section, the rate of the transfer tax is 0.5% of the consideration payable for the instrument of writing.
(a-1)(1) Except as provided in subsection (b) of this section, the rate of the transfer tax is 0.5% of the consideration paid for the transfer of a controlling interest in a real property entity as defined in § 13-103 of this title that has developed real property under Section 42 of the Internal Revenue Code, the Low Income Housing Tax Credit Program.
(b)(1) In this subsection, “first-time Maryland home buyer” means an individual who has never owned in the State residential real property that has been the individual's principal residence.
(2) If there are two or more grantees, this subsection does not apply unless each grantee is a first-time Maryland home buyer or a co-maker or guarantor of a purchase money mortgage or purchase money deed of trust as defined in § 12-108(i) of this article for the property and the co-maker or guarantor will not occupy the residence as the co-maker's or guarantor's principal residence.
(3) Notwithstanding any other provision of law, for a sale of improved residential real property to a first-time Maryland home buyer who will occupy the property as a principal residence, the rate of the transfer tax is 0.25% of the consideration payable for the instrument of writing and the transfer tax shall be paid entirely by the seller.
Credits
Added by Acts 1985, c. 8, § 2, eff. Feb. 1, 1986. Amended by Acts 1987, c. 156; Acts 1987, c. 214; Acts 1988, c. 197; Acts 1989, c. 784; Acts 1990, c. 583; Acts 1995, c. 123, § 2, eff. Sept. 1, 1995; Acts 1996, c. 10, § 1, eff. April 9, 1996; Acts 2001, c. 287, § 1, eff. July 1, 2001; Acts 2010, c. 589, § 1, eff. May 20, 2010; Acts 2010, c. 590, § 1, eff. May 20, 2010; Acts 2013, c. 531, § 1, eff. July 1, 2013; Acts 2013, c. 532, § 1, eff. July 1, 2013.
Formerly Art. 81, § 278A.
MD Code, Tax - Property, § 13-203, MD TAX PROPERTY § 13-203
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |