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) subject to the tax. This Act contains an abrogation clause providing that it shall be effective for three years and that after three years, without further action of the County Council, the tax rate shall return to Two Dollars and Twenty Cents ($2.20) for each Five Hundred Dollars ($500.00) subject to the tax. The tax rate increase is expected to generate approximately $5.4 million in FY 2009 and will become effective on July 1, 2008.