New property tax disclosure requirements

This is a reminder to Realtors with listings in Montgomery County Maryland about the new requirement to post property tax information prominently on advertising. The new law takes effect on April 1st, 2008 and requires that agents/sellers include property tax information on:

• All printed sales material available on site or at an open house
• Any information about a specific property for sale which is available on the internet or on a website
  
• Any written material specifying the amount of tax the seller currently pays or recently paid

The new law does not extend to the following, as long as property tax being paid by the seller or recently paid by the seller is not discussed:

• a newspaper or magazine classified “liner” advertisement or a “group display” advertisement in which the advertisement for a specific house is less than 16 square inches;
• one or more introductory screen listings for a specific property on the internet, which may contain the asking price, as long as the disclosure required by §40-12C appears on the internet listing in any later or linked screen which provides further financial details about the property;
• “for sale” signs posted at or near a property; or
• radio or television advertisements

Another item to take note of is the fact that the following areas are exempt from the new regulations: Rockville, Barnesville, Kensington, and Poolesville.

If you are looking for a specific tax record you can find it by visiting the Montgomery County property tax calculator at the county website.

To learn more about this and other legislative issues remember that you can take one of our Maryland Legislative classes. View our full schedule of classes by visiting our website.