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.
Interested in buying home but have questions? We would like to help! Come by our office for light bites and wine on Thursday, Apr.11, 2019 and learn all about buying a house in Maryland! We will have experts on hand to tell you all about:
How home ownership may be cheaper than your monthly rent-stop making your landlord rich!
Tax benefits of home ownership
Credit issues and getting financially “ready” to buy
Rent to Own programs
Property search and negotiating your offer
Successfully getting to the closing table and moving in
You’ll have the opportunity to ask questions in a casual, fun setting. Confidentially find out what your purchasing power is and get advice on what you can do to improve your credit score.
All are welcome. Wine and Light refreshments will be served. Raffles and giveaways that all attendees can participate in.
Howard County has created some new regulations in landlord and tenants law. The new regulations were developed through the county’s work with consumers, landlords and housing groups. Regulations took effect on Aug. 12, 2018 but do not apply to leases executed prior to that date.
A few of the changes include a requirement that landlords give tenants 24 hours notice before entering the unit, maintain a rental housing unit license and new rules regarding certain lease termination conditions. A full list of the new regulations can be found in the document below. Landlords have four months to completely implement the changes.