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Indemnity Deeds of Trust (IDOT) Work Group

The Department of Assessments and Taxation chaired a Workgroup for the Indemnity Deeds of Trust recordation tax enacted by the 2012 Special Session of the General Assembly. The entire Final Report of the IDOT Workgroup is available by clicking on the link in brown below. The Final Report and the items below are in PDF.

Indemnity Deeds of Trust (IDOT) Workgroup Final Report.

Testimony of Edward J. Levin, Esquire: Attached for posting on the webpage of the State Department of Assessments and Taxation devoted to the IDOT Workgroup are the following memoranda and form affidavits relating to the taxation of indemnity deeds of trust (IDOTs) as a result of Senate Bill 1302, effective July 1, 2012. To my knowledge and the knowledge of other members of the IDOT Workgroup, these are the only memoranda on this subject by Maryland officials that are in effect as of December 14, 2012. A summary which I prepared of these memoranda is also attached. This demonstrates the difference in opinions among the various jurisdictions which have issued memoranda, and it explains the confusion and inconsistency which has occurred following the effective date of Senate Bill 1302.

1. Assistant Attorney General Stuart Cordish’s Memorandum to Clerks of Court and Land Records Departments dated July 6, 2012

2. Baltimore County letter dated June 25, 2012

3. Revised Memorandum from Baltimore County dated September 6, 2012

4. Howard County memorandum entitled Recordation Tax -- Indemnity Deeds of Trust

5. Howard County Affidavit for Indemnity Deed of Trust (not for recording)

6. Montgomery County Memorandum from James Babb entitled New Law Concerning Indemnity Deeds of Trust dated June 15, 2012

7. Montgomery County Supplemental Memorandum from James Babb entitled New Law Concerning Indemnity Deeds of Trust dated July 18, 2012

8. Montgomery County Second Supplemental Memorandum from James Babb entitled New Law Concerning Indemnity Deeds of Trust dated September 28, 2012

9. Montgomery County Affidavit for Indemnity Deed of Trust (not for recording)

10. Montgomery County Second Supplemental Memorandum from James Babb entitled New Law Concerning Indemnity Deeds of Trust dated December 14, 2012

11. Summary of Officials’ Memoranda Regarding IDOTs under SB 1302 as of December 14, 2012