Real Advocacy for REALTORS®
GCAAR's Public Policy Brief
August 22, 2016
What You Need to Know in Montgomery County
*    New Recordation Tax Rates: September 1, 2016
*    New Radon Testing Requirement: October 1, 2016 
Reminder: New Recordation Tax Rates Effective September 1

*    $8.90 per $1,000 on the first $500,000
*    $13.50 per $1,000 on the amount over $500,000

For buyers who intend to use a property as their principal residence, the first $100,000 is free from recordation tax.

The new rates apply to any transaction that occurs on or after September 1, 2016. Amendments will be made to GCAAR forms to reflect the change.

View the Council's Official Memo here and consult an attorney for specifics. 
Radon Tests Required for Transactions Closing On or After October 1

A new law effective October 1, 2016 requires single-family homes in Montgomery County be tested for radon prior to closing. There are no remediation requirements.  GCAAR is in the process of updating our standard forms to reflect the new requirement.
 
State law already required disclosure of known radon but the new regulation makes testing mandatory in the county. GCAAR was successful in lobbying for a number of amendments to the law, including exemptions for estate sales and demolitions.
 
GCAAR also fought to ensure the new requirements could be met using a radon test kit available directly to consumers. Kits start around $25.

Read the specific requirements of the new law here.
 
The Montgomery County Department of Environmental Protection has advised GCAAR that they will utilize the list of devices on the American Association of Radon Scientists and Technologists/National Radon Proficiency Program (AARST-NRPP) website which you can access here.
 
For more information, call MCDEP at 240.777.0311.