With all the holiday hoopla some may have missed the news. First-time home buyers in Washington DC just got a fantastic present! On December 23, the DC Council passed legislation to LOWER the home recordation tax!
For the first time in 20 years, the DC Council will be cutting the recordation tax (Grantee Tax) to 0.725% of the sales price for buyers who have not yet purchased a home in Washington DC and have an income of 180% or less of the Area Median Income (this could be as high as $195,000!). Currently, the recordation tax is 1.1% of the sales price up to $399,999; 1.4% of the sales price above $400,000.
We don’t have a date for when “First-Time Homebuyer Benefit Amendment Act” will go into effect yet, but I will pass along the info as soon as it comes out.
Read full press release.