summary
Introduced
02/21/2023
02/21/2023
In Committee
03/14/2023
03/14/2023
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:
1. Requires a person who offers 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 an interest in less than 3% of all residential real property in the county during the first 30 days the property is on the market.
2. 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 an ownership interest in more than 120 single-family residential properties.
The key terms in this bill are "community development organization", which refers to a specific type of organization defined in the Housing and Community Development Article, and "real estate enterprise", which is defined as a business that owns and is involved in buying, selling, leasing, or managing real property.
Committee Categories
Justice
Sponsors (1)
Last Action
Senate Judicial Proceedings Hearing (13:00:00 3/21/2023 ) (on 03/21/2023)
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/SB0945?ys=2023RS |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/sb/sb0945f.pdf |
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