Do No Harm to Real Estate and OPPOSE the Veto Override for HB 933
As you may know, currently the Maryland General Assembly is in Special Session. In addition to redistricting, Members of the General Assembly are also considering a veto override for HB 933 -- transfer tax enabling legislation for a Housing Trust Fund for Anne Arundel County.
To be clear, Maryland REALTORS is not opposed to the idea of a Housing Trust Fund, however, we are opposed to using an increase in transfer taxes and recordation taxes as the funding mechanism. Real estate has contributed enough money to the counties revenues – nearly 60% of revenues come from real estate taxes and fees.
Additionally, Maryland has an existing affordability issue -- and while this tax is targeted on higher-cost homes -- making them less affordable will only discourage homeowners to move, freeing up affordable housing supply. This bill does not even have a cap on how high the special transfer tax rate might be.
Please excuse our brevity, we know you are busy. Please read more and send your message to urge your legislator to Oppose the veto override of HB 933.
Many thanks for your advocacy efforts!