Legislation Details

Reference No. CB-038-2015    Draft No.
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 6/23/2015
Introduced Date 6/2/2015 Public Hearing Date 6/23/2015 - 10:00 AM
Effective date: 7/1/2015    
Title: AN ACT CONCERNING PRINCE GEORGE’S COUNTY RECORDATION TAX RATE for the purpose of setting the recordation tax rate.
Proposers/Sponsors: County Executive, Mel Franklin, Derrick Leon Davis
Code sections: 10-192 -
Attachments: 1. B2015038.pdf, 2. CB-38-2015 AIS, 3. CB-38-2015 Report.pdf
Contact: LaKeecia Allen, Office of Law
Title
AN ACT CONCERNING PRINCE GEORGE'S COUNTY RECORDATION TAX RATE for the purpose of setting the recordation tax rate.
 
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 keep the County recordation tax rate at Two Dollars and Seventy Five Cents ($2.75) for each Five Hundred Dollars ($500.00) on all instruments of writing subject to the tax.  CB-26-2012 increased the tax rate; however, it contained an abrogation clause providing that it shall be effective until July 1, 2015.  This Act keeps the rate that was set in CB-26-2012.  The tax rate is necessary to ensure a balanced budget in FY 2016.