Baltimore City Council
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File #: 20-0530    Version: 0 Name: Post-COVID-19 Foreclosure Disincentive Act of 2020
Type: Ordinance Status: Withdrawn
File created: 5/11/2020 In control: City Council
On agenda: Final action: 6/15/2020
Enactment #:
Title: Post-COVID-19 Foreclosure Disincentive Act of 2020 For the purpose of temporarily setting the transfer tax on certain foreclosed properties in Baltimore City at 100% of the property’s taxable basis; providing for a special effective date; and providing for an termination date.
Sponsors: Ryan Dorsey
Indexes: Disincentive Act, Foreclosure, Post COVID-19
Attachments: 1. 20-0530~1st Reader
Introductory*

City of Baltimore
Council Bill

Introduced by: Councilmember Dorsey


A Bill Entitled

An Ordinance concerning
title
Post-COVID-19 Foreclosure Disincentive Act of 2020
For the purpose of temporarily setting the transfer tax on certain foreclosed properties in Baltimore City at 100% of the property’s taxable basis; providing for a special effective date; and providing for an termination date.
body

By repealing and re-ordaining
Article 28 - Taxes
Section(s) 17-2
Baltimore City Code
(Edition 2000)

Section 1. Be it ordained by the Mayor and City Council of Baltimore, That the Laws of Baltimore City read as follows:

Baltimore City Code

Article 28. Taxes

Subtitle 17. Transfer Tax

§ 17-2. Tax imposed - In general.

(a) In general.

(1) A tax is hereby levied and imposed upon the transfer of any estate of inheritance or freehold, of any declaration or limitation of use, or any estate above 7 years, in Baltimore City, at the rate of 1½% of the taxable basis thereof, as hereinafter defined.

(2) Except that the tax levied and imposed hereunder shall not apply to any lease or sublease for an initial term of not more than 7 years which contains any provisions for renewal for 1 or more succeeding stated terms of not more than 7 years each, if under such provision for renewal the right to effect or prevent each such renewal term shall be optional with either the landlord or the tenant.

(a-1) Foreclosed properties.

Notwithstanding any other provision of this subtitle, the rate of tax on a transfer of any real property pursuant to a foreclosure of a mortgage is 100% of the taxable basis of the property.

(b) When payable.

Said tax shall be payable before the written instrument inten...

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