Prior to Memorial Day, we wrote about the substantial increase in recordation taxes for Montgomery County. At the end of May, the County Council approved the 2017 operating budget which included an increase in property taxes of approximately 8.7%. The average taxable assessment for property in Montgomery County for fiscal year 2017 will be $464,441 and the property tax owing on a property assessed at that amount will be $4,075, an increase of $326 or 8.7%. Of that amount, $143 is the result of rising assessments, and $183 is attributable to the rate increase. The budget will go into effect on July 1, 2016.
For more information regarding our Residential Real Estate Settlements Group or our general real estate transactions and litigation practice, please contact the Group Chair at 301-230-6574 or firstname.lastname@example.org.
This publication/newsletter is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer.
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