taxes · Federal Title & Escrow Company

5 Things to Know About DC Homestead Deduction

Written by Nikki Smith on July 23, 2018.

In the process of purchasing a property, it is hard to keep track of all of the elements involved. Such elements can even include things that could be beneficial to the homebuyer. Therefore, we here at Federal Title do our best to keep homebuyers...

What’s the Benefit of the Maryland First-time Homebuyer Tax Credit?

Written by Nikki Smith on April 5, 2018.

What’s the Benefit? The Maryland First-Time Homebuyer Credit exempts the buyer from paying the State Transfer Tax. Qualifications* All homebuyers must be individuals (cannot be a trust or other entity) who have never owned in the state of...

DC Real Property Assessment Cap Credit

Written by Federal Title on January 10, 2018.

Understanding the property tax assessment process can be a bit tricky. Specifically, it can be difficult to understand the difference between an assessed value and a taxable assessed value. Part of the confusion has to do with the Assessment...

The cost of buying a home in Montgomery County to increase Sept. 1

Written by Federal Title on May 27, 2016.

Despite protests from the local real estate community, the Montgomery County Council last week unanimously approved an increase to the recordation tax, paid by homebuyers and sellers at closing, as a way to pay for school construction. ...

State, federal tax benefits for homeowners

Written by Nikki Smith on May 13, 2016.

The ink has dried and keys have been exchanged. Your real estate agent snapped a few pictures for social media, commemorating the day you became a homeowner. If you’re like most Americans, your home is now your largest asset. And while...

MoCo Council to consider increase to recordation taxes

Written by Nikki Smith on April 21, 2016.

The cost of buying a home in Montgomery County may soon increase, as County Council President Nancy Floreen has proposed an increase in the recordation taxes paid at real estate closings as a way to finance school construction. The measure...

What’s the status on B21-0417, aka The First-time Homebuyer Tax Benefit Amendment Act of 2015?

Written by Nikki Smith on April 11, 2016.

Legislation that would offer tax relief for District residents buying DC real estate is currently under committee review and awaiting scheduling for a mark-up, a spokeswoman for the Council's Committee on Finance and Revenue said. Known...

Big change for Maryland refinances involving non-principal residences

Written by Guest on June 28, 2013.

Until recently, Maryland treated refinances of principal residences and other properties differently. A borrower refinancing a principal residence paid recordation taxes on the difference between the outstanding principal balance of the existing...

What does it mean when my DC property is classified as Class 3?

Written by Guest on April 9, 2013.

As a real property owner in the District of Columbia, the last thing you would ever want or need is for the Department of Consumer and Regulatory Affairs to classify your property as Class 3 – Vacant Real Property. That’s because the...

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Tag: taxes

5 Things to Know About DC Homestead Deduction

What’s the Benefit of the Maryland First-time Homebuyer Tax Credit?

DC Real Property Assessment Cap Credit

The cost of buying a home in Montgomery County to increase Sept. 1

State, federal tax benefits for homeowners

MoCo Council to consider increase to recordation taxes

What’s the status on B21-0417, aka The First-time Homebuyer Tax Benefit Amendment Act of 2015?

Top posts of 2014

Big change for Maryland refinances involving non-principal residences

What does it mean when my DC property is classified as Class 3?

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