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Increase to Non Resident Withholding Rate on Property Sales

By: Mike Kennedy
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.

Buying or selling real estate in Garrett County or Deep Creek Lake, Maryland? Call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!

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