And when homes are sold, buyers and sellers will see a jump in the tax they pay. The recordation tax, as it’s known, will increase so that a home valued at $400,000 would see an increase of the recordation tax of $255.
A $600,000 home would see the same tax jump by $805, according to figures provided by the county...
http://wtop.com/montgomery-county/2016/05/montgomery-co-council-approves-8-7-percent-tax-hike/
We are in good hands in MoCo, but sometimes all we get is a jump in our taxes.
ReplyDeleteI wrote almost a year ago that taxes will go sky high based on waste, lawsuits to keep poor residence in their places, and hiring folks not at the skill set required for their positions for high salaries. Brace yourself!!! Sad to say this is round one . Next year will have major shortfalls. If it follows suit with other affluent counties around the east coast. A 600,000 home easily in this environment can have 12,000 or much more in property taxes sooner rather than later. Ask New Jersey and Long Island where equally affluent folks live. Don't try to escape. I hear in N.J. exit fees after a sale have gotten so high that folks are trapped in houses if they want to run to Florida
ReplyDelete"Steal from the poor and give it to the rich." Hood Robin
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