summary
Introduced
01/30/2023
01/30/2023
In Committee
04/10/2023
04/10/2023
Crossed Over
Passed
Dead
04/10/2023
04/10/2023
Introduced Session
2023 Regular Session
Bill Summary
AN ACT concerning Sale of Residential Real Property - Offers to Purchase and Transfer Tax FOR the purpose of requiring a person who offers certain residential real property for sale to a third party, during a certain period of time, to accept an offer to purchase the property made only by certain persons; altering the rate of the State transfer tax payable for an instrument of writing for a sale of certain residential real property under certain circumstances; and generally relating to sales of residential real property and the State transfer tax. BY adding to Article - Real Property Section 10-803 Annotated Code of Maryland (2015 Replacement Volume and 2022 Supplement) BY repealing and reenacting, with amendments, Article - Tax - Property Section 13-203(a) Annotated Code of Maryland (2019 Replacement Volume and 2022 Supplement) BY adding to Article - Tax - Property Section 13-203(c) Annotated Code of Maryland (2019 Replacement Volume and 2022 Supplement)
AI Summary
This bill has the following key provisions:
1. It requires a person offering certain residential real property for sale to a third party to accept an offer to purchase the property only from an individual, a community development organization, a nonprofit organization, or a real estate enterprise that owns less than 3% of all residential real property in the county during the first 30 days after the property is offered for sale.
2. It increases the state transfer tax rate to 15% of the consideration payable for the sale of improved, single-family residential real property to a real estate enterprise or its subsidiary that owns residential real property in the state with a total assessed value exceeding $12 million or more than 120 single-family residential properties.
The bill aims to regulate the sale of certain residential real property and increase the transfer tax rate for sales to large real estate enterprises in order to address concerns about the impact of such sales on the housing market and affordability.
Committee Categories
Transportation and Infrastructure
Sponsors (4)
Last Action
Unfavorable Report by Environment and Transportation (on 04/10/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0474?ys=2023RS |
| Vote Image | https://mgaleg.maryland.gov/2023RS/votes_comm/hb0474_w&m.pdf |
| Vote Image | https://mgaleg.maryland.gov/2023RS/votes_comm/hb0474_ent.pdf |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/hb/hb0474f.pdf |
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