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Maryland Property Tax Bills Delayed – Reminder Recording Fees Increased by $20 July 1
Montgomery County and Prince George’s County Property Tax bills due to be released July 1 apparently will be delayed about 2 weeks. When a deed is submitted for recording after July 1 both Counties require full payment of the Property Tax.
The Montgomery County Department of Finance has issued a notice that tax bills are not expected to be issued until as late as July 15 because the County is waiting for billing data from the State Department of Assessments and Taxation. As the bills are delayed, the County is waiving the requirement that the tax be paid, but only until 2 business days after the tax bills are posted on the Department of Finance Web Site.
We have also been informed that Prince George’s continues to require payment of Property Tax when a deed is recorded, notwithstanding the absence of a current tax bill. Prince George’s is calculating the tax to be paid by using the tax from the 2010-2011 bill and eliminating any homestead credit (because a purchaser is not entitled to the homestead credit). After the tax bills are issued, Prince George’s will presumably issue an adjusted bill with a credit for the payment made at the time a deed is recorded.
Both Montgomery and Prince George’s Counties are attributing the cause of delay to the State. Thus, we suspect, but have not confirmed, that tax bills for property in other Maryland counties will be similarly delayed.
In addition, please remember that the recording fee has been increased by $20 for all documents dated on or after July 1, 2011. Most deeds now cost $60. Deeds of Trust for owner occupied residential property cost $60, and Deeds of Trust over 9 pages for investment or commercial property cost $115.
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The Consumer Financial Protection Bureau (CFPB) has released an updated set of draft disclosure forms.
The Consumer Financial Protection Bureau (CFPB) has posted on its web site an updated set of draft disclosure forms (reproduced below). The only difference between the 2 versions is the format of the “Loan Estimate Details” on the 2nd page. We think consumers and professionals will find the “Redbud” version much clearer and more useful than the “Dogwood” one. What are your thoughts?
To recap, over the summer the CFPB is seeking input on a proposed combination disclosure form which will replace the federal Truth in Lending Act mortgage disclosure (TIL) and the Good Faith Estimate (GFE) forms. In May the CFPB requested comments on two alternate drafts of the form. After reviewing the comments, the CFPB posted a set of revised draft forms and is requesting comments on the 2nd page differences. (http://www.consumerfinance.gov/).
After settling on a final format the CFPB will publish in the Federal Register, possibly as early as this fall, proposed regulations adopting the form.
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Coalition for Sensible Housing Policy Joins 326 Members of U.S. Congress Calling for Changes to Proposed QRM Regulations
A diverse coalition of 44 consumer organizations, civil rights groups, lenders, real estate professionals and insurers joined with Members of Congress today urging regulators to make important changes to proposed mortgage lending regulations. The Coalition for Sensible Housing Policy released a joint white paper detailing how the proposed risk retention regulation, and the failure to properly define exemptions for Qualified Residential Mortgages (QRM), would significantly harm creditworthy borrowers while frustrating the nation’s fragile housing recovery.
To read more, click here.
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