DID YOU KNOW???.. .In 2001, HB 1197 was passed, granting a Transfer Tax discount to Prince George’s County Public School System classroom teachers buying and agreeing to occupy a home for a period of at least three (3) years as a principal residence. Those eligible will be charged no more than 1% County Transfer Tax at settlement, instead of 1.4%.
Be sure to tell your agent or your settlement company if you are a classroom teacher in the county, because you’ll need to fill out a special form and certification prior to settlement.
For example, on a $300,000 purchase, you could save $1,200 in closing costs — which is nothing to sneeze at.
(c) 2006 Susan Pruden