The new legislation is about half of the original amount proposed.
If you are buying or selling a home in Howard County, it’s going to cost you more. The Howard County Council passed County Resolution 84, a bill that changes the property tax transfer cost from 1 percent to 1.25 percent. Another bill, CR85 which would have raised recordation taxes did not pass.
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Property transfer taxes are paid when property is sold to another party and in certain circumstances when a homeowner refinances their home. The Howard County Association of Realtors estimates it will raise the cost of an average real estate transaction by $1000. The new tax rate will apply to transaction that occur as of Jul. 1, 2020.