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§ 12-118. Recordation tax; displaced homeowners

West's Annotated Code of MarylandTax-PropertyEffective: July 1, 2008

West's Annotated Code of Maryland
Tax-Property
Title 12. Recordation Taxes (Refs & Annos)
Effective: July 1, 2008
MD Code, Tax - Property, § 12-118
§ 12-118. Recordation tax; displaced homeowners
Definitions
(a)(1) In this subsection the following words have the meanings indicated.
(2) “Acquired dwelling” means a dwelling:
(i) that was owned by a displaced homeowner; and
(ii) that by negotiation or condemnation was acquired from the displaced homeowner for public use by the State or a political subdivision or instrumentality of the State, where the acquiring agency had the power to acquire the dwelling for public use by condemnation.
(3) “Acquisition year” means the taxable year in which an acquired dwelling was acquired for public use by the State or a political subdivision or instrumentality of the State.
(4) “Awarded compensation” means the amount awarded to the displaced homeowner from the acquiring agency when the State or a political subdivision or instrumentality of the State took possession of the acquired dwelling by negotiation or condemnation.
(5) “Displaced homeowner” means an individual whose legal interest in a dwelling was terminated through either negotiation or condemnation in exchange for awarded compensation.
(6) “Replacement dwelling” means a dwelling that is:
(i) purchased by a displaced homeowner within 2 taxable years immediately following the acquisition year; and
(ii) is intended to be used as the principal residence of the displaced homeowner.
In general
(b) The Mayor and City Council of Baltimore City or the governing body of a county may exempt, by law, from the recordation tax an instrument of writing that transfers title to improved residential real property to a displaced homeowner if the improved residential real property conveyed to the displaced homeowner qualifies as a replacement dwelling.

Credits

Added by Acts 2008, c. 534, § 1, eff. July 1, 2008.
MD Code, Tax - Property, § 12-118, MD TAX PROPERTY § 12-118
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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