Did you know… that legislation was introduced this week to increase recordation taxes in Montgomery County?
On Tuesday, April 19, 2016, a bill was introduced that would increase recordation taxes by $0.75/$500 on all sales and refinances. If the increase is made law, recordation taxes on the purchase of a $400,000 owner occupied home, for example, would increase from $2,415.00 to $2,940.00. Likewise, on a house that costs $1 million, the recordation taxes would increase from $8,105.00 to $10,280.00.
The increased revenue would pay for Montgomery County Public School capital improvements, County Government (non-school) capital improvements and rental assistance. The tax increase is expected to raise $125 million for school improvements, $30 million for County Government projects and $30 million for rental assistance over the next six years.
The Public Hearing on this bill is Tuesday, May 10 at 1:30pm and a final vote is expected to take place the following week, likely sometime between May 16-18.