§ 17-3. Tax imposed — Corporate transfers.

(a) In general.

A tax is hereby levied and imposed upon the transfer of real property affected by filing of articles of sale, lease, exchange, or other transfer of all or substantially all the property and assets of a corporation with respect to the property subject to the certificate required under State Corporations and Associations Article § 3-112, at the rate of 1½% of the taxable basis thereof, as hereinafter defined.

(b) When and how payable.

(1) The tax shall be payable pursuant to the provisions of State Tax-Property Article § 13-404.

(2) No written instrument evidencing the transfer of property taxable hereunder shall be received for recording in Baltimore City until the original of the articles of sale, lease, exchange or other transfer shall have been exhibited to the Clerk of the Circuit Court for Baltimore City showing that the tax herein levied and imposed has been paid to the State and, if any additional tax is payable on the written instrument, it has been paid.