Per Montgomery County (5.9.23): Today the Montgomery County Council enacted Bill 17-23, Taxation – Recordation Tax Rates – Amendments, to increase resources for Montgomery County Public Schools’ construction projects, Montgomery County capital projects and the creation and maintenance of affordable housing through the Housing Initiative Fund. Councilmember Kristin Mink was the lead sponsor of the bill and Councilmember Will Jawando was a cosponsor. The Council’s vote was 7-4 to enact the legislation.
As a result of this legislation, resources to fund capital priorities are projected to increase by $187.3 million over the six-year Capital Improvements Program (CIP) which covers fiscal years 2023 through 2028. Montgomery County’s most recent CIP status report shows a funding gap of $207.5 million, and the additional resources generated through updated recordation rates will help close this gap and fund essential construction projects including schools, affordable housing projects and transportation infrastructure improvements.