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Recordation Taxes Increase for Montgomery County, MD Home Buyers & Sellers
Looking to buy or sell in Montgomery County, MD? Then you should be aware of a couple of big changes that are coming soon and that will impact your closing costs!
Recordation Taxes Increase for Montgomery County, MD Home Buyers and Sellers
The Montgomery County Council just - unanimously and unimpressed by REALTOR® protests - voted to raise recordation taxes on the purchase and refinance of Real Estate in the county. Starting September 1st, 2016, the recordation tax will be 0.89% for the first $500,000 and 1.35% for any amount over 500K. The good news is that the first 100K are exempt IF the home is going to be a principal residence - that's double the current exemption. 
It's customary for the transfer and recordation taxes to be split 50/50 between buyers and sellers. Thus, this change will impact the bottom line of both parties.
How much are Recordation Taxes increasing?
Currently, the recordation tax is imposed on $200,000 of a $250,000 property at 0.69% - that's $1,380 or $690 for each, buyer and seller. For a $500,00 house that tax amounts to $3,105 or $1,552.50 respectively.
Starting September 1st, 2016, the tax will increase to 0.89% for properties up to 500K and 1.35% for any ... more

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