Montgomery County Considering an Increase in the Transfer & Recordation Tax

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Real Estate Agent with Long & Foster Real Estate, Inc

I just heard today that Montgomery County, MD is considering a substantial increase in the County Transfer & Recordation Tax.  5 years ago, this tax was $4.20 per thousand, then it was increased to $6.90 per thousand.  Now, the proposal on the table would increase this tax to $11.20 per thousand.

We already have fairly high property taxes.  The FED has played with the prime rate which has affected the housing market overall.  Mortgage rates have been creaping up.  All these things combined, I have no doubt, have had affecting the housing market.  Now, such a substantial increase in transfer taxes will affect both buyers and sellers closing costs by as much as $2,000 on a medium home price in Montgomery County.

The market has already slowed down, now it appears that the politicians want to just kill it altogether.  If you live, work and/or do business in Montgomery County contact your County Council representative and tell them not to pass this legislation.

 

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Tags:
real estate market
taxes
transfer taxes
sales
closing costs

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Ambassador
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Margaret Woda
Maryland Real Estate & Military Relocation
Long & Foster Real Estate, Inc., Crofton, MD 21114
I would be interested in learning where you "just heard" this.  Could you please provide the source, such as the link to an authoritative article?  Thanks.  I couldn't find anything about it online.
June 23, 2007 03:55 PM
Rainmaker
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Bob Force (REALTOR®)
The FORCE in Maryland Real Estate
Century 21 Trademark Realty
Margaret:
This is the issue I was talking about in my post  on slow growth.  My source was the Washington Post may 18 Metro section.
June 26, 2007 10:18 PM
Anonymous
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Rainer
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Tom Brannigan

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