Source: https://ecode360.com/14700841
Timestamp: 2019-04-24 22:23:27+00:00

Document:
§ 492-5 Imposition of tax.
§ 492-7 Evidence of consideration.
§ 492-8 Calculation of tax.
§ 492-9 Imposition of tax on corporate and partnership transfers.
§ 492-12 Distribution of revenue.
Editor's Note: This bill further provided that it shall take effect 45 days from the date of passage.
The Clerk of Circuit Court for Allegany County.
County Commissioners of Allegany County, Maryland.
An assignment of a lessee's interest.
A security agreement, as defined in § 12-101(e) of the Tax-Property Article, Annotated Code of Maryland.
The tax imposed under this article.
A County transfer tax shall be imposed on an instrument of writing recorded with the Clerk.
The rate of the transfer tax is 1/2 of 1% 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.
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.
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, Annotated Code of Maryland, as amended from time to time.
The first $50,000 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.
The transfer tax shall be paid to the Clerk.
The amount of transfer tax paid.
The presence of the statement required by Subsection B of this section on an instrument of writing is prima facie evidence of payment of transfer tax.
The revenue from the transfer tax shall be paid to the County Finance Director for Allegany County for deposit in the County general fund.

References: § 492

§ 492

§ 492

§ 492
 § 12
 § 13
 § 13