YOUR RPAC DOLLARS AT WORK! DEPUTY SHERIFF ADDED TO COUNTY TRANSFER TAX REDUCTION LAW
Effective July 1, 2007 Prince George's County Deputy Sheriffs are eligible for elimination or reduction of county transfer taxes. Similar to legislation enacted last year extending this benefit to County Police Officers and municipal police officers.
Association President Donald Frederick is pleased; "Prince George's County REALTORS® are very pleased that our representatives in Annapolis see the need for affordable workforce housing. This bill provides a tax incentive for law enforcement personnel to buy homes and reside in Prince George's County". This is another step forward in helping our county recruit and retain a quality resident police force."
HB 654 - Prince George's County - Transfer Tax - Deputy Sheriff's, contains the following provisions:
Police FIRST TIME Homebuyers - Eliminates the County transfer tax of 1.4% for Prince George's County Police Officers, Deputy Sheriffs, and municipal police Officers serving local communities in the County WHO ARE FIRST TIME HOMEBUYERS.
Police Homeowners - Reduces the County transfer tax from 1.4% to 1% for County Police, Deputy Sheriffs, and Municipal Police who currently own homes and wish to purchase a new residence.
POTENTIAL TAX SAVINGS:
Given an Average Sale Price of $365,213(May 2007)
Police First Time Homebuyers:
The purchase property must be improved residential property located in Prince George's County, Maryland.
At least one of the Purchasers must be employed as a Prince George's County Police Officer or Deputy Sheriff, or a municipal corporation police officer serving in Prince George's County.
The police officer must reside in the property as his/her principal residence.
A qualified purchaser must maintain their employment as a County Police Officer, Deputy Sheriff, or Municipal Police Officer for three years following the purchase or they will be required to repay the tax.
Applicable to settlements occurring after July 1, 2007.