Transfer tax would hurt young buyers
In the June 6 edition of the Harford County section, Morita C. Bruce wrote that the county needs help in dealing with BRAC. I agree with the writer in that our infrastructure probably cannot handle the influx of personnel coming to our county - but I do not agree with the writer's solution of creating a transfer tax on the sale of existing homes.
Evidently the writer has not purchased a home recently and dealt with the closing costs associated with the settlement of property. Adding transfer fees could make Maryland number one in the nation in terms of highest closing cost fees. Right now we are ranked No. 3. We already have a recordation fee, state and county transfer taxes.
Add to that property taxes paid in advance, escrow money for future taxes and home owners insurance, lender and title company fees, plus a down payment - there just is not room for any more fees. It is expensive enough now for the young first-time homebuyers to purchase a home. Let's not knock them out of the market all together.
The writer is a Realtor with Long & Foster Real Estate Inc.