Choice Real Estate®'s Blog: Maryland Closing Costs

New disclosure procedures

Fall homebuyers and refinancers will be seeing new disclosure procedures. The Federal Reserve Board has issued regulations that significantly change the disclosures you get during the mortgage application process. The change to Truth in Lending Regulations (also known as Regulation Z) took effect for loan applications made after July 30.   The revisions implement the Mortgage Disclosure Improvement Act (MDIA), which was intended to ensure that consumers receive cost disclosures earlier in the mortgage process. Under the regulations, a lender must mail or give you a good faith estimate of loan costs (“early disclosures”) within three business days after receiving your mortgage application and before any fees are collected from… Read Full Post

Anne Arundel county govt. phone# 410-222-1144

Recordation Tax              $7.00       per thousand
Transfer Tax                     1.5%       (1% County + .5% State)
Property Tax                     $1.087      per hundred assessed value
                                                              (.955 County + $.132 State)
Property taxes are collected on a semi-annual basis.  Each county has it's own fees for what it charges on a Maryland home purchase for state recordation and county transfer taxes at settlement.  The state transfer tax is always the same.  The buyer is exempt from the state transfer tax if they are a first time homebuyer in the state of Maryland. 

If refinancing, you will be charged the state recordation tax on any new…

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Half mile from the metro, this project is building where Good Counsel used to be and the scope of it extends from Georgia Avenue and west down the slight slope to Amherst Avenue.  Amherst dead ends into Arcola Ave on one side and University Blvd on the other.

Watch 3 part video tour of this new project at Leesborough Circle in Wheaton

You can find all currently active Wheaton listings for sale here

Quick stats:
-2 level condos w/one car garage & 3 story townhomes w/attached garage
-1/2 mile from Wheaton Metro station
-condo fee about $120 a month
-property taxes about $322 a month
-$70 monthly association fee

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Howard County: 301-694-1111
Recordation Tax              $5.00        per thousand
Transfer Tax                     1.0%         (.5% County + .5% State)
Property Tax                      $1.176       per hundred assessed value
                                                           ($1.044 County + $.132 State)
Water and Sewer               $.08 Fire – each district different, lowest $.088, highest $.108
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FREDERICK COUNTY: 301-694-1111
Recordation Tax              $12.00       per thousand
Transfer Tax                     .5%         (No County + .5% State)
Property Tax                     $1.132      per hundred assessed value
                                                             ($1.00 County + $.132 State)
Fire Tax                                              ($.065 to $.135), call tax office.

Direct any questions to the Clerk of the Court, 301-600-1976.  If refinancing, you will be charged the state recordation tax on any new money (not just "cash out") and on the entire new loan if an investment… Read Full Post

Prince George's county govt. phone# 301-883-7300

Recordation Tax              $4.40       per thousand
Transfer Tax                     1.9%       (1.4% County + .5% State)
- Recordation Tax also charged on refinances and 2nd trusts if property is not owner occupied. 
- Recordation Tax also charged if owner occupied but 12 months has not elapsed since property was purchased.  The tax will be based on the difference between the original loan amount and the new loan amount (called "new money").

Property Tax                     $1.092      per hundred assessed value
                                                              (.96 County + $.132 State)
MNCPPC                          $.244         Storm Water $.054, WSTC $.026

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Montgomery County Maryland govt. phone # 240-777-8950

Recordation Tax              $6.90       per thousand
Transfer Tax                     1.5%      (1.0% County + .50% State)
First $50,000 used to calculate Recordation Tax is exempt if property is owner occupied
Property Tax                     $0.883     per hundred assessed value
                                                         ($.751 County + $.132 State)
View Montgomery County property tax records online.
 

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