Maryland SB725 establishes uniform procedures for recording real property transfers and a state transfer tax on certain properties.

Maryland SB725 creates uniform statewide procedures for receiving and recording certificates of compliance for real property transfers. It mandates that the Office of the Attorney General and the State Department of Assessments and Taxation review changes of ownership and issue certificates of compliance. The bill also establishes a state transfer tax rate of 2% on instruments conveying title to real property previously held by the United States, effective July 1, 2026. The transfer tax revenue is to be used for paying debt service on outstanding bonds and is deposited in a special fund.

Maryland SB725 establishes uniform procedures for recording real property transfers and a state transfer tax on certain properties.

Maryland SB725 creates uniform statewide procedures for receiving and recording certificates of compliance for real property transfers. It mandates that the Office of the Attorney General and the State Department of Assessments and Taxation review changes of ownership and issue certificates of compliance. The bill also establishes a state transfer tax rate of 2% on instruments conveying title to real property previously held by the United States, effective July 1, 2026. The transfer tax revenue is to be used for paying debt service on outstanding bonds and is deposited in a special fund.