At the time a deed, including a lease or ground rent for a term (with renewals) that is at least 30 years, is submitted for recordation, it shall be taxed at the rate of 1.1% (to complete the calculation of total recordation tax due at time of recording, see also additional tax in subsection (a-4) of this section), as follows: A deed that conveys title to real property in the District shall be taxed at a rate of 1.1% (to complete the calculation of total recordation tax due at time of recording, see also additional tax in subsection (a-4) of this section) applied to the consideration for the deed; provided, that if there is no consideration for a transfer or if the consideration for the transfer is nominal, the rate shall be applied to the fair market value of the real property, as determined by the Mayor. If there is a lease or ground rent for a term (with renewals) that is at least 30 years, the recordation tax shall be based upon the average annual rent over the term of the lease, including renewals, capitalized at a rate of 10%, plus any additional consideration payable; provided that the amount to which the rate is applied shall not exceed the fair market value of the real property covered by the interest transferred. If the average annual rent of the lease or ground rent for a term (including renewals) that is at least 30 years cannot be determined, the recordation tax will be based on the greater of: One hundred and five percent of the minimum average annual rent ascertainable from the terms of the lease, capitalized at a rate of 10%, plus any additional consideration payable; or One hundred and fifty percent of the assessed value of the real property covered by the interest transferred. Notwithstanding paragraph (1) of this subsection, at the time it is submitted for recordation, a deed that evidences a transfer of an economic interest in real property shall be taxed at the rate of 2.9% of the consideration allocable to the real property; provided, that, beginning October 1, 2009, in the case of a transfer of an economic interest in a cooperative housing association that is in connection with a grant, transfer, or assignment of a proprietary leasehold or other proprietary interest where the consideration allocable to the real property is less than $400,000, the rate of tax shall be 2.2%. Notwithstanding paragraph (1) of this subsection, at the time a security interest instrument is submitted for recordation, it shall be taxed at a rate of 1.1% (to complete the calculation of total recordation tax due at time of recording, see also additional tax in subsection (a-4) of this section) of the total amount of debt incurred that is secured by the interest in real property; provided, that if the existing debt is refinanced, the rate shall be applied only to the principal amount of the new debt in excess of the principal balance due on the existing debt to the extent that such existing debt (including any prior debt that was previously refinanced by the existing debt) was: Previously taxable under this paragraph and the tax thereon was timely and properly paid; or Exempt under § 42-1102 or not otherwise taxable, including purchase money mortgages described in § 42-1102(5) . Any amendment, modification, or restatement of a security interest instrument shall be deemed a refinance of the entire aggregate debt owed, unless the amendment, modification, or restatement is a supplemental deed. With such a deemed refinance, the rate in subparagraph (A) of this paragraph shall be applied only to the principal amount of the modified debt (including amounts paid to the borrower on the existing security interest instrument during the preceding 12 months) in excess of the principal balance due on the existing debt (before any such payment) to the extent that the existing debt (including any prior debt that was previously refinanced by the existing debt) was: Previously taxable under this paragraph and the tax thereon was timely and properly paid; or Exempt under § 42-1102 or not otherwise taxable, including purchase money mortgages described in § 42-1102(5) . Security interest instruments that qualify for exemption under § 42-1102 shall be exempt from the recordation tax. Repealed. Repealed. Repealed. Beginning October 1, 2006, except for residential properties transferred by deed of title for a consideration less than $400,000, an additional tax of .35% is imposed upon a deed that is subject to the tax under subsection (a)(1) of this section. Of the funds collected under this subsection, 15% shall be deposited in the Housing Production Trust Fund established by § 42-2802 , and the remainder shall be deposited in the General Fund of the District of Columbia. Each such deed shall be accompanied by a return in such form as the Mayor may prescribe, executed by all parties to the deed, setting forth the consideration for the deed or debt secured by the deed, and such other information as the Mayor may require. The return shall be an integral part of the deed when prescribed and as required by regulation. The return shall not be confidential or subject to the provisions of §§ 47-1805.04 and 47-4406 , unless otherwise provided by regulation. A purchase money mortgage or purchase money deed of trust shall: Be fully executed within 30 days of the date that the deed conveying title to the real property to the purchaser is fully executed; and Be recorded within 30 days after the date that the deed conveying title to the purchaser of the real property is duly recorded. A purchase money mortgage or purchase money deed of trust submitted to the Mayor for recordation shall: Be executed by the purchaser of the real property as part of a series of transactions conveying title to real property to the purchaser; Reference the deed conveying title to the purchaser of the real property by date and instrument number; Recite on the face of the document that it is a purchase money mortgage or purchase money deed of trust; and Recite on the face of the document the amount of purchase money that it secures. The parties to a deed which is submitted to the Mayor for recordation shall be jointly and severally liable for payment of the taxes imposed by this section; provided, that neither the United States nor the District of Columbia shall be jointly and severally liable with the transferee; provided further, that, beginning October 1, 2009, in the case of a deed that evidences a transfer of an economic interest in a cooperative housing association, the cooperative housing association shall be jointly and severally liable with the parties to the deed for the payment of taxes imposed by this section regardless of whether the cooperative housing association itself is a party to the deed. The deed and accompanying return shall be due as prescribed in § 47-1431(a) for the recordation of a deed; provided, that if the deed and return are submitted to the Recorder of Deeds before the due date, the return shall be due and taxes shall be due and owing at the time of submission.
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