Following a public hearing earlier this week, Charles County Commissioners, in a 3 – 2 vote, approved instituting a transfer tax in the county to assist with balancing the fiscal 2016 budget. Up until this week, Charles County was one of six jurisdictions that had not exercised its authority to impose a transfer tax. Eighteen counties, including Baltimore City, currently levy the tax.
As reported by the Southern Maryland Newpapers Online,
Many of the speakers against the tax were Realtors or those who have had experience in the real estate business, and those comments echoed that the tax would be a new burden on an already overly taxed state at the least and a “catastrophe” at the worst.
Those in support of the tax thanked the commissioners for supporting education. A portion of the tax will be pledged to fully fund the operating costs of St. Charles High School and its incoming fourth class.
The transfer tax will take effect August 8 and include an exemption for first-time homebuyers up to the first $50,000 of a home purchase.