The County then returns the City's share of tax revenue to our Finance Department, allowing the City to provide services to residents. If you believe that your assessed value is inaccurate, please visit the state's website for details on the process. Visit their Office of Finance to view your tax bill and pay online.
Please note that if you have a mortgage, your bill may be automatically paid by your mortgage company. The requirements for the State's program are 1.
Prince George's County, MD - Office of Finance : Property Tax Inquiry
The filing deadline for this program has been extended to Sept. Print and follow the instructions to fill out application and to file. Our analysis does not end here, however. In Brown, a landowner sought a refund of both State recordation and county transfer taxes collected upon the recordation of three deeds of trust, one of which was an indemnity deed of trust.
The landowner argued that a refund was due because the trust deeds were supplemental instruments-i. Had the county code provided an exemption for supplemental instruments, however, the Court would have, perforce, analyzed whether the indemnity deed of trust qualified under that exemption. See id. Thus, Brown contemplates a two-step analysis. The first step is to determine whether transfer tax is even due upon the recordation of the instrument and, clearly, the Brown Court held that transfer taxes are due when an indemnity deed of trust is recorded.
Under the Tax Court's and circuit court's logic, the debt secured by an indemnity deed of trust can never be refinanced until there is an event of default.
Both opined, essentially, that, until there is an event of default, there is no debt under an indemnity deed of trust, a guaranty instrument, and, therefore, because no default had occurred, there was no debt to be refinanced. Thus, for purposes of determining whether the refinance exemption applied, both the Tax Court and the circuit court relied upon the essential difference between a deed of trust and an indemnity deed of trust. We hold, however, that both a deed of trust and an indemnity deed of trust can qualify under the refinance exemption so long as the instrument is executed and recorded as part of a refinancing transaction.
We explain. A deed of trust is a security device. It transfers legal title from a property owner to one or more trustees to be held for the benefit of a beneficiary. In other words, the deed of trust secures repayment of the loan.
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If the loan is not repaid, it is through the deed of trust that the beneficiary has recourse against the property-e. It is also a security device. The principal difference, however, is that, under an indemnity deed of trust, some third party has agreed to act as the guarantor of the borrower by placing its property in trust for the benefit of the beneficiary, thereby agreeing to bear the loss should the borrower default.
Stated otherwise, upon an event of default in the underlying obligation, the entire loss may be shifted to the third party. Once again, if the loan is not repaid, it is through the indemnity deed of trust that the beneficiary has recourse-e. There is, thus, no net difference in the transactions-money is still lent and property is still given as security-other than that an additional party ultimately bears the risk of loss.
Both scenarios contemplate a financing arrangement whereby a note or other bill obligatory is executed to evidence the indebtedness and a deed of trust is also executed as security for that underlying obligation. When property is refinanced, generally speaking, the borrower obtains funds from a second lender to repay the obligation owed to the first, and security, in the form of a new or substitute deed of trust, is given to the second lender to secure the advancement of those funds.
For our purposes, it matters not, whether the grantor of the deed of trust is the borrower himself or whether some third party has agreed to guarantee the debt of another. What you have is the replacement or satisfaction of one debt that is secured by real property with funds obtained from a second lender that is also secured by the same parties and the same real property. Appellant promised to repay that obligation, as evidenced by the note, and, as security, the Indemnitors executed for the benefit of CIGNA an indemnity deed of trust.
Court of Special Appeals of Maryland.
All parties agree that transfer tax was due on this transaction. AEW advanced funds sufficient to extinguish the obligation owed to CIGNA, and, as we shall indicate later, it was extinguished, although the record is unclear as to whether the indemnity deed of trust in favor of CIGNA was released, but, in any event, a new or replacement note and IDOT were executed by appellant the identical borrower and the Indemnitors the identical parties , respectively.
Our decision is buttressed by Prince George's County v. McMahon, 59 Md. The County argued that no refund was due under the refinancing exemption because the funds were placed into escrow rather than being used to satisfy the deed of trust at the time of settlement. Capital Mortgage Servs.
Levenson, Md. Prince George's County, Md. Upon any refinancing of property by the original mortgagor or mortgagors, the tax shall apply only to the consideration over and above the amount of the original mortgage or deed of trust. Maryland Code , Repl. This exemption relates not to the nature of the document, but to the nature of the transaction secured by the respective documents. Similarly, Maryland Code , Repl. In reading case law, we occasionally see terms that flutter throughout the cases without ever being directly defined.
In one recent case, G. Levenson, supra, involving equitable subrogation rights in a foreclosure by a refinancing lender, the Court indirectly defined the term in its discussion of subrogation. The Court discussed the subrogation by referencing G. It stated:. That language we have emphasized is, in essence, what a refinancing transaction is, regardless of the nature of the security and its documentation.
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The Court in G. We conclude, accordingly, that, at least as to that case, the Court considered that the advance of money to pay off a preexisting debt in reliance upon obtaining the same security that secured that debt was a refinancing.
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Clements, Md. In , the property at issue was encumbered by a first deed of trust with Baltimore Life as the beneficiary. There was also a second deed of trust with Union Trust. Clements, and others, purchased the property, assuming the existing deeds of trust, with the sellers taking back a third deed of trust. Subsequently, Baltimore Life threatened foreclosure.
That loan was subsequently funded and used to pay off some, but not all, of the prior obligation. Lipchin, Md. Walger, Md. As can be seen, the Maryland cases assume, for the most part, that the term is generally understood. Those cases that go further merely indicate that it is the nature of the transaction that is being described, not the nature of the document that secures the transaction. We have sought a more specific definition in cases from other jurisdictions.
Equity Partnerships Corp. Commercial Coldwell Banker was entitled to a commission under an unusual in our experience provision in its broker's agreement designed to prohibit a seller from avoiding a sale of property for which a commission would be due by taking the prospective buyer in as a partner, with the prospective buyer's entry into the project paid for by a refinancing of the selling entity's debt. As relevant to the case at bar, the court opined:.
Seeming contradictions must be harmonized away if reasonably possible, State Mut. Life Assurance Co. Dischinger, S.
plasmag.com.br/editor/2019-01-17/2471.html See Van Deusen v. Ruth, Mo. This is a statement describing the transactional analysis we accept and adopt in the case at bar. Mossler Acceptance Co. The banks would lend millions of dollars of short-term money and, after payment was made, require a period of time before that particular bank would again lend money to the entity. Property owners should confirm with their respective mortgage lender that the lender intends to make payment. This is particularly true in the case of recent refinancing or transfer of mortgages between lenders. All real property located within the City limits is subject to taxation, except that which is specifically exempt.
The real property tax is levied annually on all taxable land and improvements. The City uses the same property identification number as Prince George's County, in a format such as " Properties with a "Laurel" mailing address may not necessarily be located within the City limits. Property owners not wishing to pay on a semi-annual basis must expressly opt out by notifying their mortgage company. All qualifying personal property located within the City limits is subject to taxation, except that which is specifically exempt.
Personal property assessments are reported to the City and Prince George's County by the State Department of Assessments and Taxation SDAT , based on information submitted to the State on annual reports and personal property tax returns. The State assessment takes into account an allowance similar to depreciation based on the year the property was placed in service. Assessments are reported periodically throughout the year based on the State assessor's timetable.