As previously reported on Conduit Street, an IDOT Study Group recently established by the State Department of Assessments and Taxation(SDAT) pursuant to Senate Bill 1302 of the 2012 special session, State and Local Revenue and Financing Act of 2012. The Study Group will examine the impacts of imposing the recordation tax on indemnity mortgages and deeds of trust and assess:
- The expected tax revenues to be collected for local governments;
- The impacts of the tax, if any, on the forms, volume, and value of commercial real estate transactions in urban, suburban, and rural areas of the State and on the overall commercial real estate market in the State; and,
- The impacts of the tax, if any, on residential real estate transactions.
The group’s discussion has continued to focused on the need to gather data from local governments, banking institutions, commercial real estate developers, and the broader business sector to determine the effects of imposing the recordation tax on these types of transactions. The workgroup is developing surveys to collect this data, which will be disseminated to the appropriate entities in the near future.
The Study Group plans to hold its next meeting on October 24 at 2:00 p.m. in Room L-2 Conference Room, 201 W. Preston St., Baltimore, MD.