 BTC News Bulletin - May 11, 2016 |
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I wanted to let you know of the new legislation allowing Counties in Maryland to add additional Agricultural Transfer Tax to the Existing Tax - effective 6/1/16!!
Please read the notice below for more information.
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From: JIM COSGROVE, CHAIR LEGISLATIVE COMMITTEE
RE: CHANGES TO THE CALCULATION OF AGRICULTURAL LAND TRANSFER TAXES
FYI: on 5/10/16, Gov. Hogan signed HB 833 (Chap. 373)/ SB306 (Chap. 372) - AGRICULTURAL LAND TRANSFER TAX - CALCULATION, which becomes effective 6/1/16. This legislation allows local governments to add a local surcharge when Ag. Transfer Tax is applicable.
I urge you to read the bill and the "Fiscal and Policy Note" to get a complete understanding of its ramifications - as the "Note" states twice: "LOCAL AGRICULTURAL LAND TRANSFER TAX WILL INCREASE BY A POTENTIALLY SIGNIFICANT AMOUNT". Chances are - if you have a pending transaction that involves Ag. Trans tax, it will have to be on record before 6/1/16 to avoid an increase in the Ag. Tax. Check with your local authorities.
The Governor has the last bill signing ceremony set for 5/19/16 after which I will send out MLTA's 2016 Legislative Report.
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Please feel free to contact me at any time by e-mail or phone at jbrennan@brennantitle.com or 301-261-8177 - my direct line.
Sincerely,
John M. Brennan, Esq. President Brennan Title Company Phone: 301-261-8177
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