Title:
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An Act increasing the County recordation tax rate to Two Dollars and Fifty Cents ($2.50) for each Five Hundred Dollars ($500.00) on all instruments of writing subject to the tax
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Title
An Act increasing the County recordation tax rate to Two Dollars and Fifty Cents ($2.50) for each Five Hundred Dollars ($500.00) on all instruments of writing subject to the tax
Background
Pursuant to Section 12-103(b) of the Tax – Property Article of the Maryland Code, the governing body of a county is authorized to set, by law, the recordation tax rate in the county. This Act will amend Section 10-192 of the Prince George’s County Code to increase the County recordation tax rate from Two Dollars and Twenty Cents ($2.20) to Two Dollars and Fifty Cents ($2.50) for each Five Hundred Dollars ($500.00) on all instruments of writing subject to the tax.
Currently, the tax rate is Two Dollars and Fifty Cents ($2.50) for each Five Hundred Dollars ($500.00) on all instruments of writing subject to the tax. However, this rate was set by CB-10-2008 which, by its terms, is abrogated and of no further force and effect as of July 1, 2011, causing the rate to revert to Two Dollars and Twenty Cents ($2.20) for each Five Hundred Dollars ($500.00). This legislation nullifies the abrogation clause of CB-10-2008, by continuing the tax rate at Two Dollars and Fifty Cents ($2.50) for each Five Hundred Dollars ($500.00), and making that rate retroactively effective to July 1, 2011. It also ensures a balanced budget in FY 2012.