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Reply to "Any reason to have a HELOC?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I have a HELOC and don't remember paying tax on it. Is that just when you open it or annually?[/quote] Would like more information on this, too. And when did this start in Fairfax County?[/quote] I'm the pp who asked about the taxes earlier in the thread. I'm in Montgomery County and am currently applying for a home equity loan to do some renovations to my house. Apparently in MoCo there are recording fees and transfer taxes that get paid to the County for home equity loans and lines of credit. Montgomery County just raised their transfer taxes to $8.90 per $1,000. Thankfully the bank we are getting our loan from is paying all the closing costs including the transfer taxes. Our only out of pocket fees are the recordation fees of $100. [/quote]
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