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June General Membership Meeting & Decathlon

June 8th the GCBR REALTOR membership voted in the following Board of Directors for the 2023-24 year:

    • Larry Smith, incoming Vice President
    • Nick Fratz-Orr, incoming Treasurer
    • Kelsey Meyers, incoming Secretary
    • Zach Wesolowski, incoming 3-Yr. Director
    • Chris Nichols, incoming 3-Yr. Director

Along with those who are continuing their previously elected terms:

    • Bryan Chaney, President
    • Melissa Long, Immediate Past President
    • David Meyer, 1-Year Director
    • Laura Newhall, 2-Year Director

We also held an exciting Charity Decathlon with 12 participants divided into 3 teams. The teams competed in five athletic events and answered trivia questions in five different categories. The registration fees to participate in the Decathlon were donated to Reflection House, a new local charity dedicated to helping women recover from drug addiction. You can learn more about Reflection House’s mission and donate here.

Decathlon 2
Decathlon 7
Decathlon 4
Decathlon 3
Decathlon 6
Decathlon 5
Decathlon 1
Decathlon 9
Decathlon 8

The event was made possible by our generous Affiliate & Partner Sponsors.

    • Catering-Triple Platinum + Silver Sponsor
      • Craig Ingram, Attorney
    • Venue & Entrance Fees
      • First United Bank
        • Deane Foy-Platinum + Gold Sponsor
        • April Jones-Platinum + Gold Sponsor
    • Double Platinum 
      • Savage Home Inspections
      • Healy Insurance Group
      • A. Murray Home Inspections
    • Platinum
      • Kelli Hallenbeck w/ Truist
      • Alex Stuck w/ Clear Mountain Bank
      • Bright MLS
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Primary Homeowners Encouraged to File for Homestead Tax Credit Program

As property values have risen over the past several years, many homeowners in Garrett County have seen a significant increase in their most recent tax assessment and bill. For primary residents, there’s a program that can provide a credit to alleviate the full weight of the tax increase. The Homestead Tax Credit is a state-wide Maryland program that helps alleviate the burden of rapidly rising tax assessments. Only available to primary homeowners, who live full time in state, this credit limits the increase the taxable assessments to a certain percentage.

For Garrett County, the limit for Accident, Deer Park, Friendsville, Kitzmiller, Mountain Lake Park, and Oakland is 5%, while Grantsville and Loch Lynn Heights is 10%. This credit does not change your property’s assessed value, but will cap the increase you’ll pay based on the rate in your municipality.

To be eligible, a one-time application must be completed and on file. This can be done online at https://link.edgepilot.com/s/fc96a6f5/Stc1NJ9XPEKykBAG42bjJg?u=https://sdathtc.dat.maryland.gov/ .

If you are unsure whether you’ve filed this application, you can search for your property and application status online at https://link.edgepilot.com/s/59d05052/dX3HIbdJNki8QYlCvimYJA?u=https://sdat.dat.maryland.gov/RealProperty/Pages/default.aspx .

There are certain requirements, but most primary homeowners will qualify. If your application is denied, you may appeal the finding one time.

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2024 Proposed Constant Yield Tax Rate

From the Garrett County Government
2024 Proposed Constant Yield Tax Rate – Communications Office – Garrett County Government

Each year the Maryland State Department of Assessments and Taxation (MD SDAT) notifies each Maryland county of the tax rate that would produce the same revenue from property tax as was produced the year before.

These rates given to the local governments are known as the “Constant Yield Tax Rates” and are based on the new, net assessable property base for that jurisdiction.

Also, by state law, each year the County Governments must legally advertise – quote – “Notice of a Proposed Property Tax Increase” to comply with Constant Yield Tax regulations.

Despite the verbiage above, the Board of County Commissioners may adjust the tax rate, reduce it, or make no change.

At this time, the County Commissioners are proposing no change to the tax rate.

“The Constant Yield Rate hearing is a key aspect of the extensive budget development process,” said Paul Edwards, Chairman of the Board of County Commissioners. “One of the top priorities of the Commissioners is to consider a long-term plan for funding the ever-increasing educational mandates. Year over year, the models show nearly $15 million in additional required funding to be paid to the Board of Education over the next 10 years.”

 
 
What is the Constant Yield Tax Rate?
The Constant Yield Tax Rate is simply a property tax rate that, when applied to Maryland State assessments, will result in the taxing authority receiving the same revenue in the coming taxable year that was produced in the prior taxable year.
 
“The State Department of Assessments and Taxation certifies the constant yield tax rate to the County each year and they have strict requirements on the process,” said Scott Weeks, Director of Finance for the Garrett County Government. “We must comply with the language of the public notice, but the current Board of Garrett County Commissioners is recommending no change to the tax rate for the 2024 budget.”
 
Note, new property or construction added to the rolls for the first time is subtracted from the calculation and allowances for abatements and other deletions are deducted in arriving at the net assessable base for this purpose.
If you have questions on constant tax yield, please consider attending the public hearing at 4:00pm on May 1, 2023. The hearing will also be streamed live on Facebook at www.Facebook.com/GarrettCountyGovernment.
 
You may also email budget comments, until June 5, to gccomments@garrettcounty.org. 
NOTICE BELOW:
The Board of County Commissioners of Garrett County, Maryland proposes to increase real property taxes.
 
1. For the tax year beginning July 1, 2023, the estimated real property assessable base will increase by 9.4%, from $4,630,587,098 to $5,066,121,547.
 
2. If Garrett County maintains the current tax rate of $1.056 per $100 of assessment, real property tax revenues will increase by 9.4% resulting in $4,599,244 of new real property tax revenues.
 
3. In order to fully offset the effect of increasing assessments, the real property tax rate should be reduced to $.9652, the constant yield tax rate.
 
4. The County is considering not reducing its real property tax rate enough to fully offset increasing assessments. The County proposes to adopt a real property tax rate of $1.056 per $100 of assessment. This tax rate is 9.4% higher than the constant yield tax rate and will generate $4,599,244 in additional property tax revenues.
 
A public hearing on the proposed real property tax rate increase will be held at 4:00PM on Monday, May 1, 2023, in the Garrett County Commissioners’ Public Meeting Room 209 located at 203 South Fourth Street, Oakland, Maryland 21550. The hearing is open to the public, and public testimony is encouraged.
 
Public comment will remain open after the hearing until the budget adoption on June 5, 2023. Persons with questions regarding this hearing may call 301-334-8970 for further information.
 
The assessments, revenues, and tax rates above are for Garrett County outside of the municipality of Mountain Lake Park. 
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Different Types of Mortgage Loans (not an exhaustive list)

In the market to buy a home? It can sometimes be overwhelming and confusing to determine which loan program is right for you. This will vary based on the individual, the property intended to purchase, and even the overall purchase price. The most common loan programs will be available through most mortgage providers, but the terms or aspects may be different depending on that bank’s programs.

One of the most common loan programs is an FHA loan. The Federal Housing Administration, or FHA, is an agency of the Department of Housing and Urban Development. FHA loans are insured by the federal government which provides additional security. This is a very attractive program for many first-time homebuyers. FHA loans offer low down payments, can work for lower credit scores, offer more flexible debt-to-income ratios, and even offer the option for rehab loans that take into account future work for your new home (for this to happen, lenders must offer the FHA 203K program).

Another common type of loans are Veteran Affairs, or VA loans. VA loans are offered to active duty service members, veterans, and surviving spouses who meet a minimum of 90 continuous days of active duty. The majority of VA loans do not require a down payment, do not require mortgage insurance, and have capped closing costs. The home you purchase with a VA home must be your primary residence, and there are other factors that come into play, so it may not always be the best option based on the property. VA loans are also government insured.

Conventional loans are not government backed; they are offered by private institutions. These loans will vary by mortgage company in terms of rates and programs. Conventional loans can be used for any type of property and offer the option to cancel your mortgage insurance after you’ve reached 20% equity. There are strict requirements for conventional loans, and private mortgage insurance (PMI) is required if 20% equity is not met.

If conventional loans are out of the question, another government insured loan available in our area is the USDA loan. The U.S. Department of Agriculture (USDA) created this nationwide program to offer financing options for moderate to low-income individuals in mostly rural areas. USDA loans do not require a down payment, but the property and the purchaser must both be eligible. USDA loans can also be used for refinancing if you currently have a USDA loan. There are strict guidelines for the property location and the home must be used as a primary residence.

While these are the most common programs, there are more out there! If you’re interested in purchasing a home and trying to decide which program is best for you, reach out to your local lending institutions! They can provide valuable guidance based on your income, current financial situation, and property in mind. 

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Federal Home Loan Banks Grants Increased for 2023

The Federal Home Loan Banks (FHLB) program has increased their offered grants for 2023, offering down payment assistance for qualified buyers. Nationwide, housing prices and mortgage rates have risen, straining many homebuyers’ already tight budget. The FHLB products offered for first time homebuyers and other qualified home buyers have been adjusted to meet the current market trends. The Federal Home Loan Banks offer two affordable housing programs through affiliated lending institutions: The Competitive Application Program and The Homeownership Set-Aside Program. The Homeownership Set-Aside Program offers lenders funds that can be used as down payments, closing costs, or counseling assistance to homebuyers, or rehab assistance to current homeowners. The funds designated for these programs are only applicable to purchasers who meet low to moderate-income ranges for their area income.

For 2023, the FHLB Affordable Housing Homeownership Set-aside Program products were enhanced to add funding where it’s needed most. The first-time homebuyer product subsidy increased from $7,500 to $12,500 and the Community Partners product subsidy increased from $10,000 to $15,000. The subsidy for the community restore and rebuild program stayed at $10,000. First-time homebuyers must meet certain criteria, but can include victims of catastrophic loss or natural disaster. Community partners are defined as currently employed or retired law enforcement officers, educators, health care workers, fire fighters, first-responders, veteran, active-duty military, and essential workers.

These funds can be used for reducing principal as well as assisting down payments, closing costs, or rehabilitation costs. In addition to income parameters, borrowers may have to complete a homebuyer counseling program and sign agreements that they will own and occupy the home for at least five years. The homebuyer must contribute at least $1,000 toward the transaction, and can receive no more than $250 back at closing. To view all of the requirements and find a qualified lender for these programs, visit www.fhfa.gov.

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Take Advantage of Maryland First-Time Home Buyers Programs

Take Advantage of Maryland First-Time Home Buyers Programs

Did you know that Maryland offers many programs and incentives when purchasing a home? For first-time homebuyers looking for a primary residence, the programs offer a wide array of support, from down-payment assistance to modified interest rates. One of the best local programs a first-time home buyer can take is through the Maryland Mortgage Program (MMP).

Funded by The Maryland Department of Housing and Community Development, the MMP program offers unique qualifying criteria that allow first-time buyers to purchase with no down payment. The general conditions to qualify include: purchasing a home in Maryland, choosing a verified DHCD lender, taking a home buyer education course, have a household income at or below the local income limit, not own any other real estate, and live in the home you’re purchasing (primary residence). The first-time home buyer course is taught locally by Garrett County Board of REALTORS members through Community Action. Other grants that can be combined with MMP include low fixed-rate mortgages and flex loans and grants, which offer a percentage or your mortgage or a set amount as an additional grant.

This program is specific to Maryland residents and provides an alternative to traditional mortgage routes.

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Call For Action: Let Your Legislator Know You

Currently, the House is about to vote on legislation to register property managers who do NOT have a real estate license.  Maryland REALTORS® supports HB 239 which requires certain property managers to be either registered with the Maryland Real Estate Commission OR licensed by the Maryland Real Estate Commission.  This bill passed the House unanimously last year, 134-0 (HB 929/’20).

Please urge your legislator to SUPPORT HB 239 as amended below. 
Support HB 239 as amended – Property Managers Registration of Non-Licensees
 
BACKGROUND

HB 239 seeks to close an enforcement hole within the Real Estate Commission’s powers.  Many real estate licensees currently conduct property management activities but are NOT required to have a license under Maryland law or even be registered with the Commission to conduct such activities.  As a result, if a real estate practitioner’s license is terminated/suspended by the MDREC because of a property management law violation, that licensee could simply re-open for property management business activities the very next day and only be prohibited from conducting sales/licensing activities.

HB 239 levels the playing field to provide consumers better protections and financial recourse with registration.  Currently, harmed consumers who use a licensee for property management activities have access to the real estate Guaranty Fund whereas consumers who use a property manager without a real estate license do not.  HB 239 gives the Real Estate Commission the authority to register certain property managers — if those individuals are NOT already licensed — requiring new registrants to hold a surety bond for better consumer protections.

The amendments below were added to improve the bill to address any opponents concerns for HB 239 or last year’s bill, which, again, was passed by the House unanimously.

Specifically, the amendments clarify:

    • That an entity may register rather than an individual property manager for larger property manager companies;
    • That subsidiary businesses also do NOT need to register for larger companies;
    • That quasi-governmental business improvement districts are exempt; and
    • Any owner who personally manages their own property is exempt.

Maryland REALTORS® strongly urges a favorable report of HB 239 as amended, which ensures better consumer protections to the public.  As always, many thanks for your consideration.

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Renovation Startup Curbio Wins NAR Pitch Battle

August 22, 2019 – Curbio, a technology startup company aimed at revolutionizing presale home renovations, has been named the “pitch battle” winner at the National Association of REALTORS®’ second annual Innovation, Opportunity & Investment (iOi) Summit.

Second Century Ventures, NAR’s strategic investment arm, hosted the pitch battle, which featured a select group of startups bringing innovative solutions to commercial and residential real estate. Contestants presented four-minute pitches before venture capitalists, technology executives, innovators, brokers, and real estate professionals attending the summit. The pitches were also broadcast via livestream to thousands of virtual attendees.

Curbio’s renovation solution empowers real estate agents to drive the return on investment, with the goal of helping homeowners sell quickly and for the best price possible. In fact, the service is available only through a real estate agent, and Curbio isn’t paid for renovations until the property is sold, explained the company’s vice president of marketing, Rikki Rogers, one of eight women in the battle.

Read the full article.

 
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Take Action Today! Contact the County Commissioners letting them know you do NOT want them to increase the accommodations tax.

Currently, the Garrett County Commissioners are exploring methods to balance the FY2020 budget that has an approximate $10.5 million shortfall as is. The County requested and just received authority from the MD General Assembly this past session to raise the Accommodations Tax by up to another 2%, from 6% to 8%. Let the Commissioners know that the budget cannot be balanced on the back of Garrett County’s main economic driver, tourism.

Consumers: TAKE ACTION

Any member of the public can use this link to TAKE ACTION.

REALTORS: TAKE ACTION

This link is only valid for GCBR REALTORS.