June 1st, 2012
Category: Deep Creek Lake Real Estate, Garrett County Real Estate
Effective June 1st the withholding rate for non-Maryland residents who sell property in the state of Maryland is increasing 0.25% to 7.00%. This withholding does not apply to Maryland residents.
Garrett County has numerous property owners who aren’t full time residents of Maryland that own vacation homes and real estate on or around Deep Creek Lake. Some owners are full time residents from northern Virginia, Washington D.C, and Pennsylvania that will be affected by this law change.
It’s important to note this is not a new tax. It’s simply a withholding. The withholding is calculated as follows at settlement;
The net amount of the purchase price of the house being sold less closing costs less any mortgage balance x 7%.
More here.
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