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.