Maryland Legal Description and Well or Unit Information
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How to fill out Legal Description And Well Or Unit Information?
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FAQ
A Maryland deed is used to transfer ownership in real estate from one person (usually called the grantor, or seller) to another (usually called the grantee, or buyer). In Maryland a deed must include the name of the grantor and the grantee, the consideration paid for the property.
Be at least 65 years of age.
Assessed value refers to the value assigned a property, such as a home, by the local government. It is used by the tax authority to determine the property taxes that a homeowner owes. Often, it's calculated as a percentage of the fair market value of the property.
To add a name to a deed in Maryland, you must prepare a new deed that includes both the current owner's name and the new owner's name. The current owner is the grantor, and the new owner is the grantee. The new deed should include a legal description of the property.
State law specifically requires that all taxable property shall be assessed based on its fair market value. The courts have also interpreted this requirement to mean that assessments must be based on the fair market value of the property. An assessment is based on an appraisal of the fair market value of the property.
Real property tax is calculated by multiplying the tax rate (per $100) by the property's assessed value. The tax rate is set each year by the County Council. The tax rate schedule is available on the web.
Every county and municipality in Maryland is required to limit taxable assessment increases to 10% or less each year (in Montgomery County it is 10%). The owner must have lived at the property for a full tax year and the property must be listed as their principal residence.
Certificate of Preparation Individuals not licensed to practice law in this state may not prepare a deed for anyone else. A Certificate of Preparation attests that the document was prepared by an attorney licensed to practice law in the State of Maryland.
