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Maryland refinance
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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 (see below). 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 money (not just "cash out") and on the entire new loan if an investment property (also see refinance mistakes to avoid, and Maryland prepayment penalty info).
Appeal the assessed value of your property. If you feel your home has been incorrectly valued, this is the form to complete and send to the state.
Maryland counties
ALLEGANY COUNTY
Recordation Tax $6.00 per thousand
Transfer Tax 1.0% (.5% County + .5% State)
ANNE ARUNDEL COUNTY: 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)
View property tax records online, http://annearundel.munis-online.com/citizens/tx/tax_select_page.asp
Annapolis homes for sale
BALTIMORE CITY: 410-396-3987
Recordation Tax $10.00 per thousand
Transfer Tax 2.0% (1.5% County + .5% State)
First $22,000 used to calculate County tax is exempt if property is owner occupied
Property Tax $1.247 per hundred assessed value
($1.115 County + $.132 State)
View property tax records online, http://cityservices.baltimorecity.gov/realproperty/default.aspx
Baltimore City investment properties
BALTIMORE COUNTY: 410-887-2410
Recordation Tax $5.00 per thousand
Transfer Tax 2.0% (1.5% County + .5% State)
Subtract $330 from County Tax if property is owner occupied
View property tax records online, http://www.co.ba.md.us/Agencies/budfin/taxsearch/index.html
Baltimore homes for sale
CALVERT COUNTY: 410-535-1600
Recordation Tax $10.00 per thousand
Transfer Tax .5% (No County + .5% State)
Property Tax 0.2212 per hundred assessed value
($.0892 County + $.132 State)
CAROLINE COUNTY
Recordation Tax $10.00 per thousand
Transfer Tax
1.0% (.5% County + .5% State)
Subtract $125 from County Tax if property is owner occupied
CARROLL COUNTY: 410-386-2971
Recordation Tax $10.00 per thousand
Transfer Tax .5% (No County + .5% State)
Property Tax $1.18 per hundred assessed value
($1.048 County + $.132 State)
CECIL COUNTY: 410-996-5385
Recordation Tax $6.60 per thousand
Transfer Tax .5% (No County + .5% State)
Property Tax $1.112 per hundred assessed value
($.98 County + $.132 State)
CHARLES COUNTY: 301-645-0685
Recordation Tax $10.00 per thousand
Transfer Tax .5% (No County + .5% State)
Property Tax $1.148 per hundred assessed ($1.016 County + $.132 State)
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.
*$12 per thousand started May 15, 2007. It was $10.00. There is no "grace" period, all settlements occurring May 15th and later will be taxed at 12 dollars per thousand. Direct any questions to the Clerk of the Court, 301-600-1976.
Frederick homes for sale
GARRETT COUNTY
Recordation Tax $7.00 per thousand
Transfer Tax
1.5% (1.0% County + .5% State)
HARFORD COUNTY: 410-638-3269
Recordation Tax $6.60 per thousand
( - $300 on primary residences)
Transfer Tax 1.5% (1.0% County + .5% State)
Property Tax $1.224 per hundred assessed value
($1.092 County + $.132 State)
HOWARD COUNTY: 410-313-3850
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
KENT COUNTY: 410-778-7418
Recordation Tax $6.60 per thousand
Transfer Tax 1% (.5% County + .5% State)
Property Tax $0.883 per hundred assessed value
($1.012 County + $.132 State)
MONTGOMERY COUNTY: 240-777-8950
Recordation Tax $6.90 per thousand
Recordation Tax $10.00 per thousand on amount over $500,000
Transfer Tax 1.5% (1.0% County + .5% 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 property tax records online, https://www.montgomerycountymd.gov/apps/tax/index.asp
Montgomery County homes for sale
PRINCE GEORGE’S COUNTY: 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)
View property tax records online,
http://tax-acct-info.goprincegeorgescounty.com/servlets/resqportal?rqs_custom_dir=taxes&rqs_cleancache=0
MNCPPC $.244 Storm Water $.054, WSTC $.026
P.G. County condos for sale
QUEEN ANNE’S COUNTY: 410-770-8020
Recordation Tax $6.60 per thousand
Transfer Tax 1.0% (.5% County + .5% State)
Property Tax $1.108 per hundred assessed value
(.976 County + $.132 State)
SAINT MARY'S COUNTY:
Recordation Tax $8.00 per thousand
Transfer Tax 1.5% (1.0% County + .5% State)
SOMERSET COUNTY
Recordation Tax $6.60 per thousand
Transfer Tax .5% (No County + .5% State)
TALBOT COUNTY: 410-770-8020
Recordation Tax $6.60 per thousand
Transfer Tax 1.5% (1.0% County + .5% State)
Property Tax $0.685 per hundred assessed value
($.553 County + $.132 State)
WASHINGTON COUNTY: 240-313-2110
Recordation Tax $7.60 per thousand
Transfer Tax 1.5% (1.0% County + .5% State)
Property Tax $1.08 per hundred assessed value
(.948 County + $.132 State)
WICOMICO COUNTY
Recordation Tax $7.00 per thousand
Transfer Tax
.5% (No County + .5% State)
WORCESTER COUNTY
Recordation Tax $6.60 per thousand
Transfer Tax 1.05% (.55% County + .5% State)
Ocean City beach listings
Any Carroll County property located within the limits of a municipality is subject to an additional tax. Add the appropriate city/town tax rate to Carroll County's rate of $1.18 when estimating taxes for a property located within one of the following municipalities:
City of Westminister (410-848-900) $0.40/100 of fair mkt value
Town of Manchester (410-239-3200) $0.184/100 of fair mkt value
Town of Hampstead (410-239-7408) $0.20/100 of fair mkt value
Town of Sykesville (410-239-7408) $0.20/100 of fair mkt value
Town of Taneytown (410-751-1100) $0.32/100 of fair mkt value
Town of New Windsor (410-635-6575) $0.16/100 of fair mkt value
Town of Mount Airy (410-795-6012) $0.202/100 of fair mkt value
Town of Union Bridge (410-775-2711) $0.30/100 of fair mkt value
Maryland real estate and title settlement attorney
Solution Settlements, LLC
401 N. Washington Street, Suite 550
Rockville, MD 20850
301-738-7674
Title Central, Inc.
704 Quince Orchard Road #325
Gaithersburg, Maryland 20878
240-631-2200, Julie Futrovsky
Typical fees
Purchase |
|
Settlement Fee |
$295 |
Title Exam |
$185 + copies |
Binder Fee |
$50 |
Doc Prep/atty fees |
$150 |
Courier/overnight/wire |
$135 |
Survey |
$175 |
Purchase- Title Insurance, owner's and lender's eagle policy |
|
Up to 250k |
$4.20 per 1,000 |
250k to 500k |
$3.60 per 1,000 |
500k to 1 million |
$3.00 per 1,000 |
Refinance |
|
Settlement Fee |
$295 |
Title Exam |
$185 + copies |
Binder Fee |
$50 |
Doc Prep/atty fees |
$150 |
Courier/overnight/wire |
$150 |
Release/recordation |
$145 per release |
Refinance- Title Insurance, ALTA policy |
|
Up to 250k |
$3.00 per 1,000 |
250k to 500k |
$2.40 per 1,000 |
500k to 1 million |
$2.10 per 1,000 |
Maryland pre payment penalty
If I make a full prepayment or one or more partial prepayments, I will pay a prepayment charge in an amount equal to two (2) months' advance interest on the aggregate amount of all prepayments I make in any 12-month period in excess of one-third (1/3) of the amount of the original loan.
I have the right to make payments of principal at any time before they are due. A payment of principal only is known as a "prepayment." When I make a prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a payment as a prepayment if I have not made all the monthly payments due under the Note.
The Note Holder will use my prepayments to reduce the amount of principal that I owe under the Note. However, the Note Holder may apply my prepayment to the accrued and unpaid interest on the prepayment amount, before applying my prepayment to reduce the principal amount of the Note. If I make a partial prepayment, there will be no changes in the due dates of my monthly payment unless the Note Holder agrees in writing to those changes. If the Note provides for changes in the interest rate, my partial prepayment may reduce the amount of my monthly payments after the first Change Date following my partial prepayment. However, any reduction due to my partial prepayment may be offset by an interest rate increase.
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