§ 12-105. Calculating tax
West's Annotated Code of MarylandTax-PropertyEffective: July 1, 2015
Effective: July 1, 2015
MD Code, Tax - Property, § 12-105
§ 12-105. Calculating tax
(a)(1) For a deed, deed of trust, or mortgage transferring title to real property located partly in the State, the recordation tax applies to the consideration payable or the principal amount of the debt secured in the same ratio that the value of the real property that is located in the State bears to the value of the entire property.
(2) For a security agreement covering personal property that is not exempt under § 12-108(k) of this title and is located partly in this State, recordation tax applies to the principal amount of the debt secured in the same ratio that the value of the nonexempt personal property located in this State bears to the value of the entire personal property.
(3) For transactions that involve instruments of writing described in both paragraphs (1) and (2) of this subsection, the recordation tax applies to the consideration payable or the principal amount of the debt secured in the same ratio that the sum of the values of the real property and the nonexempt personal property located in this State bears to the value of the entire property.
(b) Except if recorded with the Interstate Commerce Commission as provided by federal law, for a deed of trust, mortgage, or contract or agreement for the rolling stock or equipment of a railroad, the recordation tax applies to the debt secured in the same ratio that the number of miles of line of the railroad in the State bears to the number of miles of line of the entire railroad.
(c) If a lease of real property creating a perpetually renewable ground rent is recorded without a transfer of the reversionary estate for full consideration other than the ground rent being recorded at the same time, the recordation tax applies to the redemption sum as determined under § 8-804 of the Real Property Article plus any additional consideration payable. If the lease is recorded at the same time with the transfer of the reversionary estate created for full consideration, the lease is not subject to recordation tax.
(d) For a lease of real property for a term of more than 7 years not perpetually renewable, the recordation tax applies to:
(e)(1) In this subsection, “document”:
(f)(1) Except as provided in paragraph (4) of this subsection, if the total amount of secured debt has not been incurred at the time of recording or filing the instrument of writing, the recordation tax applies only to the principal amount of the debt incurred at that time.
(2) Except as provided in paragraphs (3), (4), and (6) of this subsection, on or before 7 days after any additional debt is incurred after recording or filing an instrument of writing, a statement under oath of the amount of additional debt shall be filed with the clerk of the circuit court or with the Department, and the recordation tax shall be paid on the additional debt by the debtor.
3. to a supplemental instrument of writing that confirms, corrects, modifies, supplements, or amends and restates a previously recorded instrument of writing regardless of whether recordation tax was paid on the instrument of writing, to the extent of the outstanding principal balance of the guaranteed loan immediately prior to the time the supplemental instrument of writing is entered into.
(g)(1) For a transfer under § 12-106 of this title, the recordation tax applies to the value of the real property determined by the Department at the date of finality immediately before the date of transfer.
(2) For a transfer by articles of merger, articles of consolidation, or other documents which evidence a merger or consolidation of foreign corporations, foreign limited liability companies, foreign partnerships, or foreign limited partnerships, the recordation tax applies to the value of the real property determined by the Department at the date of finality immediately before the date of the merger or consolidation.
Credits
Added by Acts 1985, c. 8, § 2, eff. Feb. 1, 1986. Amended by Acts 1985, c. 570, §§ 1, 2; Acts 1986, c. 171; Acts 1986, c. 686; Acts 1987, c. 352; Acts 1988, c. 550; Acts 1988, c. 599; Acts 1989, c. 670; Acts 1992, c. 536; Acts 1994, c. 646, § 1, eff. Oct. 1, 1994; Acts 1997, c. 654, § 2, eff. July 1, 1998; Acts 2000, c. 61, § 1, eff. April 25, 2000; Acts 2001, c. 114, § 2, eff. July 1, 2001; Acts 2012, 1st Sp. Sess., c. 2, § 3, eff. July 1, 2012; Acts 2013, c. 267, § 1, eff. July 1, 2013; Acts 2013, c. 268, § 1, eff. July 1, 2013; Acts 2015, c. 22, § 5.
Formerly Art. 81, §§ 277, 277B.
MD Code, Tax - Property, § 12-105, MD TAX PROPERTY § 12-105
Current through legislation effective through April 21, 2022, from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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