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CHANGES TO THE MARYLAND NON-RESIDENT SELLER WITHHOLDING TAX, REAL ESTATE

Please note upcoming changes to the Maryland Non-Resident Seller Withholding Tax and the Prince George's County Recordation Tax rates for 2008

Maryland Tax Rate Changes

The Maryland Non-Resident Withholding Tax Rate will increase from 6.75% to 7.5% for individuals. The new rate is effective with settlements taking place on or after July 1st. (The 8.25% rate for entities remains unchanged.)

Additionally, the Prince George's County Recordation Tax will increase from $4.40 per $1,000 of sales price to $5.00 per $1,000 effective with settlements taking place on or after July 5^th. 2008

Information provided by Robert B. McArtor, REALTOR® with Long and Foster Real Estate, Inc. and a Licensed Real Estate Auctioneer owner of Advantage Real Estate Auction Sales, Inc. in Maryland serving all counties including Harford, Baltimore and Cecil County, City. If you are relocating to Maryland contact us today! 410-879-0622.

Posted by Robert B. McArtor, REALTOR, AUCTIONEER, BALTIMORE, HARFORD, CECIL MARYLAND on 06/14/2008 06:37 AM

Comments (2)

tax, maryland, seller, buyer, taxes, real estate, agent, buying, home, homes, relocating, relocations, moving, selling, auction, auctions, auctioneers

Originally posted at: Maryland's REALTOR®/Auctioneer Choice - Robert B. McArtor: CHANGES TO THE MARYLAND NON-RESIDENT SELLER WITHHOLDING TAX, REAL ESTATE

This post has been included in Maryland Information

2 Comments on CHANGES TO THE MARYLAND NON-RESIDENT SELLER WITHHOLDING TAX, REAL ESTATE

JUN

2008

Robert,

Thanks for sharing this information for both agents and the general public. How upsetting to have a seller hit with 6.75%, and after July 1st a 7.5% tax, at the settlement table; especially if they were not aware.

JUN

2008

Robert

Although in AZ this is not an issue presently, I have learned that although I'm not a CPA it is great to have a basic knowledge of potential taxable events that could affect a client.

by the way, Do you have an outside blog that I can add to my Blogroll ?

Thanks and look forward to reading your thoughts on the world of real estate.

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