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.
Respectfully,
Gregg G. Kantak, President
SMAR Board of Directors
Why should the county reduce or waive the transfer tax? You’ve offered no rationale. How in the world will this help the 20% of existing homeowners or renters (renters?!?!?) you note in your letter? How does $300 change home affordability???? According to the SMAR report that is posted on this site, the average selling price for a home in St MArys in July was $405,000. Realtors split 6% of that price or over $24,000. IF real estate agents are so worried that $300 will make the difference in home affordability, why don’t you all split $23,700 and cover the $300 yourself instead of making the rest of the county taxpayers cover the shortfall?
there is an unposted tax on tobacco. Theres 1 for vaping, for loose, for cigars + cigarettes. Cigars are taxed heavily. Posting the tax could be enough- of- a – reason for someone to quit. The cigarette tax is 2.00 a pack! Yeah, we broke a barrier when cigarettes went to 10.00 a pack. Its enough for the historical society to make- note of.