§ 40-12C. Disclosure of actual property tax amount.

(a) Any written or electronically transmitted material that a seller produces or distributes in connection with the advertisement for sale of a specific residential real property located in the County must disclose the estimated full-year property tax that a buyer would be obligated to pay in the next full tax year after the property is transferred, based on all applicable rates in force when the material is produced. As used in this Section, the full-year property tax that must be estimated includes:

(1) all State and County property taxes (including any applicable special service area tax), and any applicable municipal property taxes; and

(2) any other non-tax fee or charge included on the consolidated tax bill.

(b) If any material subject to subsection (a) mentions both the annual property tax that the current owner is obligated to pay and the annual property tax that a buyer would be obligated to pay after the property is transferred, the material must:

(1) feature both tax amounts equally prominently; and

(2) present the property tax that the buyer would be obligated to pay either immediately before or immediately after the property tax that the current owner is obligated to pay.

(c) The estimate required by subsection (a) must be updated:

(1) each July 1, to reflect changes in tax, fee, and charge rates; and

(2) by January 31 if the current fiscal year is the third year of the property’s 3-year assessment cycle, to reflect the revised assessed value of the property issued by the State Department of Assessments and Taxation.

(d) The Office of Consumer Protection must assist a seller in estimating the information required under subsection (a).

(e) A seller or the seller’s agent is not liable for any incorrect information disclosed under this Section if the seller relied in good faith on a method approved or recommended by the County to estimate the information. (, § 1.)