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HB 602

Baltimore County - Transfer Tax - Exemption for First-Time Home Buyers

2026 Regular Session Introduced by Bob Long and 1 co-sponsor

HB 602 exempts first-time home buyers from Baltimore County's transfer tax to reduce closing costs and boost housing affordability for new owners.

Hearing 2/10 at 1:00 p.m.
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Bill Summary · HB 602

Legislative bill overview

HB 602 would exempt first-time home buyers from Baltimore County's transfer tax (a tax paid when property ownership transfers). The bill targets residential properties in the county, aiming to reduce the financial barriers to homeownership for individuals purchasing their first home.

Why is this important

Transfer taxes can add thousands of dollars to closing costs, which significantly impacts affordability for first-time buyers already stretching their budgets for down payments and inspections. This exemption could make homeownership more accessible in Baltimore County, though it would reduce county revenue unless offset by other sources.

Potential points of contention

  • Revenue impact: The exemption reduces county funding for services; lawmakers must decide if alternative revenue sources are necessary or if reduced spending is acceptable
  • Definition complexity: Determining who qualifies as a "first-time home buyer" requires clear criteria (previous ownership history, eligibility windows, principal residence requirements, etc.), which could be subject to dispute
  • Market effects: Exemptions may increase demand and bidding for lower-priced homes, potentially inflating prices in the first-time buyer market segment, offsetting the tax savings benefit
  • Equity considerations: The exemption only helps those able to purchase; it doesn't address affordability for renters without down payment savings

Compiled from official sources — confirm details with the bill’s official record.

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