Effective January 11,
2019, purchase transactions with consideration exceeding $1,000,000.00 in
Baltimore City, MD will be subject to a Yield Tax. According to the Baltimore
City directive the Yield tax is calculated by taking 0.15% on the amount
collected under SUBTITLE 16, Transfer Tax and 0.6% on the amount collected
under SUBTITLE 17, Recordation Tax.
While TitleExpress can calculate the Recordation Tax and Transfer Tax that is
used as a base for the Yield tax calculation; TitleExpress is not currently
able to accommodate the additional calculation for the Yield tax.
The Yield Tax will need to be calculated manually for properties in Baltimore
City whose consideration exceeds $1,000,000.00. See the Instructions and
example provided below to calculate the Yield tax. We apologize for any
inconvenience this may cause.
Instructions on how to
Calculate this tax with an example is below.
If the Sales price is: $2,000,000.00
The City Transfer Tax calculates to
$30,000.00
The Recordation tax
calculates to $20,000.00
$30,000.00 x
0.6% = $180.00
$20,000.00 x 0.15% = $ 30.00
$210.00 - Yield Tax
Yield Tax: Payable to "Director of Finance – Baltimore City",
separate from Transfer Tax and Recordation Tax checks. However, the amounts due
for both the transfer tax portion of the Yield Tax and the Recordation tax
portion of the Yield Tax can be combined and submitted in one check.
Thank you for using TitleExpress.