GCAAR happenings <xx< Montgomery County Council looks at recordation tax increases The Montgomery County Council is reviewing legislation that would raise recordation tax rates for transactions above $100,000. This proposal was part of the Montgomery County Planning Board’s review of the 2020-2024 Subdivision Staging Policy (or Growth Policy). The council legislation, Bill 39-20E, would yield an increase in recordation tax revenue that would be earmarked for school construction and affordable housing production and preservation. GCAAR stands firmly opposed to increases in the recordation tax rates. GCAAR Public Policy Committee Vice Chair Barbara Nalls and GCAAR President Danai Mattison Sky testified against it, continuing to express our concerns on the negative impact on housing affordability to the board throughout its deliberations. The table below lists Montgomery County’s current recordation tax rates versus the proposed rates in Bill 39-20.
Montgomery County (Current)
$8.90 per $1,000 up to $500,000
$13.50 per $1,000 over $500,000
Montgomery County (Proposed) $9.90 per $1,000 up to $500,000
$15.50 per $1,000 over $500,000 $17.50 per $1,000 over $1,000,000 For homes above $500,000, the only jurisdiction in our region with higher recordation taxes than Montgomery County is the District of Columbia at $14.50, and the proposed rate would eclipse that. Prince George’s County’s rate is $5.50; Northern Virginia counties are just $3.33. To oppose this legislation:
➡ Visit votervoice.net/NAR/1/Campaigns/77332/Respond. ➡ Enter your contact information into the form on the webpage that comes up. ➡ Click “Send message” in order to submit the pre-prepared message.
Thank you for helping us oppose the increase in the recordation tax rate!
GCAAR to close offices on Election Day, Nov. 3 As your professional association, GCAAR is built upon a foundation of advocacy and education. We have a strong commitment to advocating for the issues that matter most to you–and to providing information and educational resources about those issues so you can make informed decisions when it’s time to take action or vote. Election Day is almost here. Because we believe so strongly in the power of your voice in our local, state and national elections, GCAAR will close its offices (in both Rockville and the District of Columbia) on Tuesday, Nov. 3 to encourage each one of you to take the time to exercise your right to vote–as well as to volunteer your time to the candidates and causes most important to you.
18 CAPITAL AREA REALTOR ® — September/October 2020
