Photo by Edwin Remsberg
This post should not be construed as legal or tax advice
Recently, the Maryland Court of Appeals (the highest state court) found that the statutory cap on the ag land transfer tax includes the state’s surcharge. For those unfamiliar with the ag land transfer tax, the tax is imposed on qualifying land transfers. Revenues generated from the state ag land transfer tax are divided among the 23 counties and Baltimore City to support county land preservation programs. The state’s surcharge on this transfer tax was enacted in 2008 and is utilized to support state-administered rural land preservation programs, such as Maryland Agricultural Land Preservation Foundation and the Rural Legacy Program.
To read more, click over to the Maryland Risk Management Education Blog.