Seyfarth Synopsis: Montgomery and Anne Arundel Counties in Maryland are increasing their recordation and transfer taxes, while 2019 increases to recordation and transfer taxes in the District of Columbia are set to expire....more
Below is an update to our recent Multifamily Alerts. The July 18 Montgomery County work session may be of critical importance....more
Summary - The threshold for indemnity deed of trust (IDOT) recordation tax deferral in Maryland increased from $3,000,000 to $12,500,000, effective July 1, 2024. This is welcome news for commercial real estate owners and...more
Earlier this month, the DC Office of Tax and Revenue and the County Council of Montgomery County, Maryland, announced that on October 1, 2023, dramatic changes will be made with respect to transfer and recordation taxes on...more
On May 9, 2023, the Montgomery County, Maryland Council voted 7-4 in favor of increasing its real estate recordation tax by enacting Bill 17-23, Taxation – Recordation Tax Rates – Amendments. Councilmember Kristin Mink was...more
On May 24, 2021, District of Columbia Mayor Muriel E. Bowser announced plans to invest a record-setting $400 million into the District’s affordable housing production via direct injection into the Housing Production Trust...more
As has been announced, the cost of real estate transactions involving commercial property located in the District of Columbia will increase significantly as of October 1, 2019, but not necessarily for multifamily properties....more
Effective October 1, 2019, the transfer tax and recordation tax for real estate sales of commercial and mixed-used property on transactions of $2,000,000.00 or above will be significantly increased. On May 28, 2019, the...more
Last month D.C. Mayor Muriel Bowser submitted her proposed 2020-2023 budget and financial plan to the D.C. Council. The Mayor’s proposed budget and financial plan includes a proposal to increase transfer and recordation taxes...more
It is pretty well known that Maryland imposes taxes upon the sale/purchase of real property. The State requires both a recordation tax and a transfer tax to be paid whenever an ownership interest in property is transferred....more
Ballard Spahr’s mixed-use, condominium, and multifamily lawyers are pleased to provide this newsletter to keep you apprised of important developments and trends in real estate law in Maryland, Virginia, and Washington, D.C. ...more
In good news for foreclosing lenders in Maryland, the Circuit Court for Howard County has affirmed a Maryland Tax Court Memorandum and Order concluding that the recordation tax payable on an indemnity deed of trust ("IDOT")...more
Maryland Governor Martin O’Malley signed into law an act providing relief to commercial borrowers that wish to refinance or modify loans originally secured by indemnity deeds of trust. This new law, effective July 1, 2013,...more
Recordation Tax Now Charged Upon Recordation of Indemnity Deeds of Trust Securing a Guarantee of a Loan or Related Loans of $3,000,000 or More - Governor Martin O’Malley signed legislation this week that will again...more
On May 22, 2012, Maryland's Governor O'Malley signed legislation mandating that indemnity mortgages and indemnity deeds of trust will be subject to recordation taxes. Property owners now have just over a month to refinance...more