Maryland: New Laws Now in Effect
A number of MD laws went into effect October 1 that have a major impact on real estate. Two wins for our industry include:
- Homeowners may refinance a first mortgage without obtaining permission from the lender that funded a home equity loan or second mortgage
- Insurers must provide clear notice to consumers regarding anti-concurrent coverage clauses in policies
Click here for details on these and other important new laws.
Survey on DC's Recordation & Transfer Taxes
The DC Tax Revision Commission just released Recordation and Transfer (R&T) tax policy options. Proposals include:
- Eliminating R&T tax for all property, or reducing to 0.433%
- Using graduated R&T tax rates as sales prices increase, rather than the current bump at $400,000 for residential properties (now an increase from 1.1% to 1.45%)
- Raising income limits for R&T tax exemption
- Waiving R&T taxes for first-time homebuyers
- Increasing commercial R&T tax rate from 2.9% to 4.9%
The proposals are NOT final and the Commission is STRONGLY encouraging public feedback. DCAR is advocating against high recordation and transfer taxes and is preparing comments. Learn more about the options, hearing schedule, and more here
Take DCAR's Survey.
Montgomery County: Public Hearings Added on Zoning Rewrite
The Montgomery County Council will hold additional public hearings (November 12 and 14) on proposed changes to the County's Zoning Ordinance, giving residents another opportunity to comment on the Rewrite before the full Council starts reviewing it this winter. Read the Planning, Housing and Economic Development (PHED) Committee's recommendations and hearing details here.
Has something in the Rewrite gotten your attention? Email your comments to email@example.com and GCAAR's Public Policy Committee will review it at our October meeting.
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Silver Spring, Maryland 20910