Maryland Realtors issue a report each year on the annual legislative session in an effort to summarize the laws that were passed that affect matters of the real estate industry.
Below are a few of the items from the report that passed, and next week’s article will continue reporting on the list of legislation:
HB 150/SB 166 – Housing and Community Development - Adaptive Reuse PASSED – Effective Oct. 1
Developers may leverage Maryland DHCD financial assistance for the adaptive reuse, retrofit and repurpose of existing buildings as affordable multifamily housing.
HB 239/SB 382 – Accessory Dwelling Unit Policy Task Force PASSED – Effective June 1
This bill establishes the Accessory Dwelling Unit Policy Task Force to recommend policies for ADU usage in residential areas. The task force will report on its activities on Nov. 1 and June 1.
HB 404 – Property Tax - Local Homeowners’ Credit Supplement - Limitation on Combined Gross Income PASSED – Effective June 1
Authorizes local governments to modify income limitations for local supplements to the Homeowners Property Tax Credit Program. This legislation applies to all taxable years beginning after June 30.
HB 505/SB 198 – Elevator Safety - Privately Owned Single-Family Residential Elevators - Inspection and Registration Requirements PASSED – Effective July 1
Elevators installed in a privately owned single-family residential dwelling on or after Oct. 1 must be registered with the state at least 60 days before going into service.
HB 508/SB 435 – Property Tax Credit - Disabled Law Enforcement Officers and Rescue Workers - Definition and Eligibility PASSED – Effective June 1
Allows disabled law enforcement officers and rescue workers to claim this property tax credit if they were domiciled in Maryland at any time within the five years prior to their death or disability determination. Applies to all taxable years beginning after June 30.
The 2023 session convened in February and ended in April.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
