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9% of Maryland Millionaires in Anne Arundel County

Anne Arundel County is home to nearly one in ten of the those who will pay a new “Maryland Millionaire’s Tax” passed in this year’s legislative session. 

Millionaires can afford to live anywhere they want, of course, and this tax could be just the motivator for some of them to move away from Maryland and take all their personal and business tax revenue and spending with them.  (20% of California’s millionaires moved out of state in response to a similar bill.)  If just two or three Maryland’s millionaires decide to pack their households, companies and employees to relocate, could it cost Maryland more than any projected income from this new tax? 

I thought it might be interesting to conduct an informal study tracking the higher-priced listings In Anne Arundel County, over the next year, to see if more of our resident millionaires seem to be relocating.  Of course, we could only speculate whether their motive is the “Maryland Millionaire’s Tax.”  The two highest-priced homes in Anne Arundel County today are:

ANNAPOLIS:

Waterfront home for sale in Anne Arundel CountyThe highest priced property in Anne Arundel County right now is a Tudor-style mansion, with 435 feet of waterfront along Crab Creek, on the market for $13,900,000:

Old world elegance with the finest attention to detail and historic accuracy to the times of Old England. The manor home features a library, grand theater, fitness & billiard rooms, and eight fireplaces. There is a storybook guest home with two bedrooms, lovely kitchen & bath, a tennis court, pool, docks with deep water slips, boat house, horse barn, 3-car garage/artist studio, 9+ acres, gorgeous views. (Source:  MRIS)

EDGEWATER:

View from the Edgewater propertyA 4–year old home with 1700 feet of Brewer Creek waterfront, on the market for just three months, has been reduced from the original list price of $11,900,000 to $9,500,000.  It’s described as:

One-of-a-kind 8–acre waterfront estate masterpiece is available with every amenity one could want. Over 10,000 sq. ft. of living space with features that include a theatre room, wine cellar, massive gourmet Kitchen, a 3–stop elevator, and a bar room that will leave nothing to your imagination.  (Source: MRIS)

Five more Anne Arundel County homes are on the market now for more than $5,000,000.  Another 26 are priced in the $3–5,000,000 price range, and there are 63 homes listed between $2–3,000,000. 

Crofton real estate probably won’t experience a glut of new listings, as a result of this tax, since home prices suggest Crofton is not home to a lot of millionaires.  The top list price right now in Crofton is $899,900 for a home in Braddock Farms, off Rt. 424 near Crofton Middle School.  Most homes for sale in Crofton are priced below $650,000.

As soon as figures are released by MRIS for March, I’ll update you on real estate trends in Crofton.  It should be this week.


 

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