(a) Rate. The rate of tax applicable to instruments recorded with the Clerk of the Circuit Court for the County is as follows:
(1) on instruments conveying title to property, for each $500 or fractional part of $500 of the actual consideration paid or to be paid, $3.50; and
(2) on instruments securing a debt for each $500 of the principal amount of the debt secured, $3.50.
(b) Imposition. The recordation tax is imposed on all instruments of writing that secure repayment of debt created by the sale of bonds authorized under Economic Development Article, Title 12, Subtitle 1, of the State Code.
(c) Collection. The tax on instruments recorded with the Clerk of the Circuit Court shall be collected by the Controller prior to recordation.
(1985 Code, Art. 6, §§ 7-102, 7-103) (Bill No. 14-95; Bill No. 35-07; Bill No. 29-12)
State Code reference – Tax-Property Article, § 12-103.