As of July 1, 2012 there will be an increase in the PG County recordation tax rate for real estate transactions.
The current PG County recordation tax rate is $2.50 for every $500.
These fees will increase to $2.75 for every $500.
This increase in the PG County recordation tax rate will occur for all settlements that occur after July 1, 2012 regardless of the date of the contract.
This means that for a home with a purchase price of $250,000, the PG County recordation tax will increase from $1250 to $1375.
The taxable amount is usually the higher of either the purchase price or the loan amount and is rounded up to the next $500.
The transfer tax rates for PG County remain the same:
State Transfer Tax: 0.5% (unless purchaser is a first time home buyer).
PG County Transfer Tax: 1.4%
In Maryland, unless specified differently in the contract, transfer and recordation taxes are split equally between buyer and seller. If purchaser is a first-time home buyer they are exempt from paying state transfer taxes.
These taxes serve as a portion of the closing costs for a real estate transaction.
Transfer and recordation tax rates for other MD Counties
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