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.
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.