HUGHESVILLE, Md. – On behalf of the real estate industry and over 1,900 member-businesses across southern Maryland, we would like to emphasize our support for the transfer tax exemption in St. Mary’s County.
At a time when housing affordability continues to worsen as the housing market adapts to reflect current economic changes, the Southern Maryland Association of REALTORS® supports the St. Mary’s Board of County Commissioners’ efforts to provide the legal clarification to continue to allow the transfer tax reduction of up to $300 on a primary residence transaction in St. Mary’s County.
In an American Strategies Maryland Housing survey conducted in January 2022, it found over 71% of polled people believe it is too expensive to purchase a home in Maryland. In Southern Maryland, it increased to 73%.
Over 20% of Marylanders were worried about missing a mortgage or rent payment in the next three months due to the high cost of housing. Any opportunity to lower the cost of housing and put the American dream of homeownership into reach for more citizens should be applauded.
It is our hope that the Commissioners will continue to support the needs of homeowners in the region and continue allowing the exemption through the clarifying language.
Gregg G. Kantak, President
SMAR Board of Directors