Montgomery County Transfer Tax Issue Resolved

The recent transfer tax issue raised by the Montgomery County Commissioners has been resolved, and there’s good news to report.

In late 2006 the Montgomery County Commission voted to increase the transfer tax by 2 mills, to a total of 4 mills.  This would cost home sellers in Montgomery County $400 on every $100,000 of value.  This tax would be used to help fund the operating costs for the county’s new juvenile justice center.

When REALTORS® found out about this vote, they called the Montgomery County offices to voice their opposition, and sent hundreds of letters and e-mails to the Commissioners requesting that they reverse their decision.

To their credit, the Commissioners delayed the implementation of the tax so that they could hear suggestions from a task force composed of commercial and individual real estate professionals.  The Realtor task force was successful in recommending budget cuts and a compromise on the transfer tax increase.  Montgomery County Commissioners, by a vote of 2 to 1, decided to reduce the transfer tax from 2 mill to 1 mill.  This now means that, effective August 1st, the transfer fee on a $100,000 home will be $300 instead of $400.

Some will no doubt be disappointed that the transfer tax was still increased, but this compromise should be seen as a win for REALTORS® and, more importantly, homeowners.  By being vocal about the issue, the Dayton Area Board of REALTORS® let the Commissioners know how critical this issue is to the membership, and how it would impact real estate.

The index component that tracks purchase loans gained 2.1 percent between the first and second weeks of the month, while the refinance index actually declined 1.1 percent during the period, according to MBA.

As a result, the refinance share of loan applications decreased to 45.3 percent last week from 46.2 percent the previous week, and the adjustable-rate mortgage (ARM) share of activity dipped from 13.6 percent to 13.5 percent.

Interest rates on long-term loans were mixed last week, while those on ARMs moved higher, according to MBA. The average contract interest rate on 30-year fixed-rate mortgages held at 6.4 percent; the 15-year fixed rate grew to an average 6.09 percent from 6.03 percent; and the one-year ARM increased to 6.17 percent from 6.15 percent.

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