HARRY HUGHES, Governor

3255

at the time of payment of the transfer tax, but may not
exceed the amount of the development tax. A refund may not
be made of the taxes imposed before July 1, 1977, and a
refund of the full amount of the excess of payment may not
be made of taxes paid more than 5 years before the payment
of the development tax. Refund of such excess transfer
taxes paid shall be equal to 100 percent of the excess
payment, for such taxes paid within 2 years before payment
of the development tax; 75 percent of the excess payment for
such taxes paid more than 2 years but not more than 3 years
before payment of the development tax; 50 percent of the
excess payment for such taxes paid more than 3 years but not
more than 4 years before payment of the development tax; 25
percent of the excess payment for such taxes paid more than
4 years but not more than 5 years before payment of the
development tax. Refund of earlier transfer taxes may not
be required.

B. If there is no refund under
sub-subparagraph (ix) A. above, any person paying the
development tax as provided under this paragraph shall be
given credit against any farmland transfer tax, provided
that the farmland transfer tax is paid within 5 years of the
payment of the development tax. The credit will be in an
amount equal to a portion of development tax paid
attributable to the land subject to the farmland transfer
tax but the credit may not exceed the amount by which the
farmland transfer tax exceeds the transfer tax generally
payable on the transfer of residential property.]

(f) (6) Whenever lands subject to said special
assessment are rezoned at the instance of the owner thereof
to a zoning classification which does not meet the criteria
of this subsection, then, the special assessment shall
terminate for that portion of the land so rezoned and a tax
shall become due thereon equal to the difference between the
tax based upon the special assessment and the amount of tax
that would have been due thereon if based upon the "full
cash value" assessment for each year in which the tax was
computed upon said special assessment. In no event shall
the tax exceed ten percent (10%) of the "full cash value"
assessment in effect at the time of said rezoning. THE
PROCEEDS OF THIS TAX SHALL BE COLLECTED AND APPLIED AS
PROVIDED IN SECTION 278F(G), (H) AND (I) OF THIS ARTICLE.

278F.

(A) EXCEPT AS PROVIDED FOR IN THIS SECTION, AN
AGRICULTURAL TRANSFER TAX IS IMPOSED ON EVERY WRITTEN
INSTRUMENT CONVEYING TITLE TO REAL PROPERTY WHICH WAS
ASSESSED FOR THE TAXABLE YEAR 1977-1978 OR ANY SUBSEQUENT
TAXABLE YEAR ON THE BASIS OF AGRICULTURAL USE UNDER THE
PROVISIONS OF SECTION 19(B)(1) OF THIS ARTICLE, UNLESS:

(1) REAL PROPERTY TAXES HAVE BEEN PAID ON THE
BASIS OF A NONAGRICULTURAL USE ASSESSMENT FOR 5 FULL
CONSECUTIVE TAXABLE YEARS; OR