Lauren Bunting Associate Broker MD & DE

2022 Update from the Maryland State Legislature

Thursday, May 26, 2022, Lauren Bunting

In 2022, the Maryland State Legislature convened on January 12th and adjourned on April 11th. Maryland REALTORS® issues a report each year on the Maryland Legislative session to summarize the legislation that affects the real estate industry. Below are a few of the items from the report that passed:

HB528/SB 425 – Real Estate Associate Brokers and Salespersons – Compensation – Payment from Title Insurance Producer; Effective October 1, 2022

Clarifies that title companies may pay compensation to a real estate licensee on beahalf of the real estate broker according to a written disbursement authorization provided by the real estate broker. The clarification seeks to continue “pay at the table” options provided by some real estate and title companies. Previously, the Real Estate Commission expressed concern over the statutory authority for such transactions which had been common for over 30 years.

 

HB69/SB 247 – State Department of Assessments and Taxation – Real Property; Effective October 1, 2022

Requires the State Department of Assessments and Taxation (SDAT) To publish on its website a plain language description of the methodology used to determine property values. The bill also clarifies the type of information that an Appeals Authority may use when reviewing a property’s value including depreciation factors. 

 

HB 203/SB 197 – Homestead Property Tax Credit Program – Retroactive Qualification and Calculation of the Credit; Effective June 30, 2022

Would permit SDAT to apply the Homestead Property Tax Credit retroactively in situations where a homeowner failed to apply for the credit in the previous year. 

 

HB 809/SB 976 – Property Tax Exemption – Disabled Veteran, Active Duty and Surviving Spouse; Effective October 1, 2022

Establishes a process for eligible individuals to apply for the disabled veteran property tax exemption prior to purchase. This would allow a purchaser to have the benefit of the tax credit calculated in their loan payments and closing costs. The state is required to process the application within 15 days. The tax exemption applies only to 100% disabled veterans and their surviving spouses and applies to 100% of the state and local property tax.

 

 

Lauren Bunting is an Associate Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

Lauren Bunting is an Associate Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

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Thank you so much for all of your hard work. We are so excited to move into the perfect house for us, and couldn't have done it without your guidance.

Megan and Brandon Cater

My friend was right, you are the hardest working realtor, bar none. I honestly don't think that I would have gotten through this house selling process without you.

Brenda Burbage

Lauren made first time homebuying extremely approachable, and took the time to educate me on everything involved in the process.

Amanda Hanke and Keri Swigert

Thank you for all of your hard work and dedication that made this purchase possible. You advocate for your clients and I highly regard you for it. You made it possible for me and my family to achieve our goal of homeownership.

Tom Harutyunyan

Thank you so much for the very wonderful, professional job you did with selling our property. You will always be special to me.

Penny Carley

We want to say a sincere "Thank You" for all you've done for us! We know at times the road seemed never ending. Thank you for always staying positive even through our ups and downs of this process. We appreciate all you do!

Mike and Patty Locke

Lauren's extensive knowledge of the local real estate market proved to be invaluable during the purchase of our first home.

Allison Shockley and Patrick Molloy

Lauren is very easy to work with. She has helped me sell and buy homes in the area and has always been hard working and professional.

Jennifer K. Leggour

Lauren went through tremendous lengths to look out for us every step of the way all the way to the very end. If you are in need of a real estate agent who will treat your transaction as if it were their own and provide you with nothing less than A+ service you will be in good hands with Lauren.

Shireen and Mark Ambush

We were referred to Lauren by a good friend, and we couldn’t have been placed in better hands. Lauren went above and beyond in every way, throughout the entire process.

Liz Young

Lauren Bunting was our realtor when we recently sold two homes- one in Maryland and the other one in Delaware. To say we were very satisfied with all she did for us is an understatement!

Janet and Bruce Lathbury

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