Friday, June 02, 2006

The DC Council Raises Property Transfer Tax


The District Council voted this week to raise the transfer and recordation tax – paid by purchasers and sellers of property, respectively – from 1.1% to 1.45% of the sale price of commercial and residential property, for a total rate of 2.9%. The District, which currently has the highest average transfer tax of the 3 jurisdictions and considered alternatively raising the tax to 1.35% and an amendment by Councilman Barry for as much as 1.5%, will use the revenue to fund various projects, including, without apparent sense of irony, affordable housing initiatives. The legislation, which maintains the 1.1% tax on property sold for less than $400,000, is expected to be signed by the mayor.

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