Joint Economic Development & Real Estate Committees Meeting-Subjects: NEW Recordation Tax and Minimum Wage Bills

Joint Economic Development & Real Estate Committees Meeting-Subjects: NEW Recordation Tax and Minimum Wage Bills
. Please Note --> This is a Past Event!! .

Date: 7/26/2017
Time: 8:00 AM TO 9:30 AM

7910 Woodmont Avenue
Suite 1204
Bethesda, MD 20814


Phone:
(301) 652-4900


Event Description: UNDERSTANDING THE NEW PROPOSED INCREASE IN THE MONTGOMERY COUNTY RECORDATION TAX AND WHAT IT MEANS TO YOU AND YOUR BUSINESS

Guest speakers:
- Nicola Whitman, Esq., Senior Vice President of Government Affairs, Apartment and Building Association of Metropolitan Washington (AOBA)
- Montgomery County Council President Roger Berliner

BACKGROUND: In May 2016, the Montgomery County Council approved and implemented increases in the County’s recordation tax that resulted in homebuyers and sellers having to pay more when they sell or buy their homes. $125 million of the total $200 million raised was expected to pay for schools due to their growing enrollment, and the remaining $75 was to go toward affordable housing. This increase took place within the same month when the County Council voted to increase property taxes in the County by nearly 9%.

On April 4 this year, Councilmember Elrich introduced a new bill that would create tiers in the recordation tax premium, based on a property’s value—with lower value properties paying a lower rate and higher value properties of over $1 million paying even more than the new rate that was implemented last year. This legislation affects not only residential owners but also multi-family and office building owners.

On Wednesday the 26th, Nicola Whitman will discuss with our members the impact this legislation could have on residents and businesses, what the current status is and what business can do to help.
 
In addition, Council President Roger Berliner will be discussing ideas related to the recordation tax that would address the growing and immediate need for school construction.

As this is a joint meeting, it will start at 8am and conclude by 9:30 a.m.

Directions:



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For general inquiries email us at:  staff@greaterbethesdachamber.org
 


           


 
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