Legislative Changes: Bills That Could Affect the Real Estate Market in Maryland

By klrw460 February 19, 2024

The real estate market in Maryland is constantly changing, and much of this is due to new legislation and regulations. From tax laws to zoning regulations, it can be difficult to keep up with all the changes. It can be even more challenging to anticipate what bills will be proposed that could potentially affect the real estate market. In this blog post, we will take a look at some of the recent legislative changes and bills that could affect the real estate market in Maryland. We will explore how these bills could directly impact home buyers and sellers.

    1. HB Bill 15-23, Landlord Tenant Relations

This bill focuses on establishing safeguards against excessive rent increases for certain rental units. It aims to set a threshold, beyond which landlords cannot raise rents, ensuring a certain level of stability for tenants. Additionally, the bill proposes regulations regarding base rental amounts for specific rental units and exemptions from rental increase restrictions under certain circumstances. Landlords would be required to submit annual reports on rents, contributing to increased transparency in landlord-tenant relations. This proposed legislation could significantly impact how rental properties are managed and how rent increases are regulated in Maryland.

    2. HB 150/SB 166 – Housing and Community Development – Adaptive Reuse

This bill introduces the possibility of using the Maryland Department of Housing and Community Development (DHCD) financial assistance for repurposing existing buildings into affordable multifamily housing. By encouraging adaptive reuse and retrofitting of buildings, the aim is to expand the availability of affordable housing options in the state. This could lead to revitalization efforts in certain areas and address the ongoing issue of housing affordability.

    3. HB 404 – Property Tax – Local Homeowners’ Credit Supplement

The proposed legislation authorizes local governments to modify income limitations for local supplements to the Homeowners Property Tax Credit Program. This change aims to provide relief for homeowners by adjusting income limitations, potentially making the property tax credit more accessible to a broader spectrum of homeowners in Maryland.

    4. HB 505/SB 198 – Elevator Safety

This bill introduces inspection and registration requirements for elevators installed in privately owned single-family residential dwellings. Owners of such elevators must register them with the state at least 60 days before putting them into service, ensuring compliance with safety standards. This measure emphasizes the importance of safety regulations in residential properties.

    5. HB 508/SB 435 – Property Tax Credit for Disabled Law Enforcement Officers and Rescue Workers

This bill aims to grant property tax credits to disabled law enforcement officers and rescue workers who were domiciled in Maryland within the five years preceding their disability determination or passing. This legislative change acknowledges the service of these individuals and provides a form of financial support through property tax credits.

The proposed legislative changes in Maryland hold the promise of reshaping the real estate landscape, touching on tenant protections, tax adjustments, safety measures, and more. If implemented, these changes could foster fairness, safety, and accessibility in the housing market, impacting landlords, tenants, developers, and homeowners alike. Keeping a close eye on these developments is crucial, as they have the potential to redefine Maryland’s real estate scene, paving the way for a more equitable and robust housing environment.

At Keller Williams Preferred Properties, we’re attuned to Maryland’s shifting real estate landscape, especially with the recent legislative updates. As these changes reshape the market, staying informed is crucial. Reach out at 240-737-5000 or visit thekwppexperience.com/contact/ to navigate this evolving terrain. Let’s ensure your real estate decisions align with these new developments!