§ 12-118

# (a)

# (1)

In this subsection the following words have the meanings indicated.

# (2)

“Acquired dwelling” means a dwelling:

(i) that was owned by a displaced homeowner; and

(ii) that by negotiation or condemnation was acquired from the displaced homeowner for public use by the State or a political subdivision or instrumentality of the State, where the acquiring agency had the power to acquire the dwelling for public use by condemnation.

# (3)

“Acquisition year” means the taxable year in which an acquired dwelling was acquired for public use by the State or a political subdivision or instrumentality of the State.

# (4)

“Awarded compensation” means the amount awarded to the displaced homeowner from the acquiring agency when the State or a political subdivision or instrumentality of the State took possession of the acquired dwelling by negotiation or condemnation.

# (5)

“Displaced homeowner” means an individual whose legal interest in a dwelling was terminated through either negotiation or condemnation in exchange for awarded compensation.

# (6)

“Replacement dwelling” means a dwelling that is:

(i) purchased by a displaced homeowner within 2 taxable years immediately following the acquisition year; and

(ii) is intended to be used as the principal residence of the displaced homeowner.

# (b)

The Mayor and City Council of Baltimore City or the governing body of a county may exempt, by law, from the recordation tax an instrument of writing that transfers title to improved residential real property to a displaced homeowner if the improved residential real property conveyed to the displaced homeowner qualifies as a replacement dwelling.