We read with interest Saturday’s editorial (“Underrepresented on growth”), and we want to make clear that the Frederick County Association of Realtors opposes a real estate transfer tax because it would hurt homebuyers and sellers of existing homes — as well as buyers of new homes.
In a typical transaction involving existing real estate, the buyer and the seller split the cost of a transfer tax. In a new-home sales contract, the buyer typically shoulders the full cost of a transfer tax. However, impact fees, like all construction costs, are reflected in the sales price of the home. Thus, they are financed through the buyer’s mortgage over years or decades. A transfer tax is due as cash at property closing, and in this fragile home market, both buyers and sellers would be greatly affected.
We look forward to representing the taxpayers of Frederick County in opposing a transfer tax on sales of all residential and commercial properties.
MICHAEL KURTIANYK, president, Frederick County Association of Realtors