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5 Cards in this Set
- Front
- Back
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In Maryland, what entity or entities can levy (impose) real estate taxes? |
Cities, Special taxing districts, Counties. Some jurisdictions at each of those levels have been enabled to levy taxes on Maryland real estate. They are given this authority by state enabling acts. |
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Which is TRUE of Maryland residential real property assessment? |
It is based on each property's full market value. Each parcel of residential Maryland real estate is reassessed once every three years at full market value. An out-of-sequence reassessment may be performed when a property has undergone significant improvement. |
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Nyla Mack owns a contracting firm in Maryland. On February 1, Arch Chandler hired the Mack firm to construct a large addition to his fivebedroom house. Mack finished work on the project on March 15. It is now April 15, and Mack has not yet been paid. Based on this situation, which of the following is correct? |
Mack has until September 15 to record a mechanic's lien. Contractors have six months from the completion of their work to record a notice of lien. Six months after March 15 would be September 15t. |
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Pierre Andre makes semiannual real estate tax payments on the lot beneath his house. Which of the following statements is TRUE? |
Andre's taxes are due July 1 of each year. Annual real estate taxes are due on July 1, but the two installment payments are not late until October 1 and the following January 1. |
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Ted Bolton has never before owned and occupied a principal residence in Maryland. He will settle on the purchase of a $400,000 home to occupy here in April. How will the State transfer tax (usually 0.5% of the consideration) be apportioned at settlement |
Bolton will pay $0, and sellers will pay $1000. For situations involving a first-time homebuyer, the State transfer tax is reduced from 0.5% to 0.25% and is charged to the seller. Therefore, the seller pays 0.25% of the consideration. (0.0025 x $400,000 = $1,000). The parties may not agree to shift this charge to the buyer. |
