Three bills moved a step closer to Mayor Catherine Pugh’s desk tonight, including a measure that would establish a tax surcharge on the sale of luxury properties to generate money for affordable housing.
The Council unanimously approved an Affordable Housing Trust Fund (bill 18-0221), including an amendment that would exclude high-end property sales from the tax surcharge for two years, or until January 1, 2021.
The surcharge would have increased the transfer and recordation taxes on the sale of a $1 million property by $7,500.
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