DELAWARE RAISES THE TRANSFER TAX A FULL 1%!
The Delaware General Assembly voted to raise the state portion of the Realty Transfer Tax a full 1% effective August 1, 2017! House Bill 279 was sponsored by Speaker of the House Pete Schwartzkopf (D-Rehoboth Beach). The vote in the House of Representatives was 31 to 9. You can see the House vote HERE.
In the Senate, Senator Robert Marshall (D-Wilmington), attempted to introduce an amendment that would have exempted first-time homebuyers from the legislation, but his amendment was tabled, with a commitment from the Senate to work with the Delaware Association of REALTORSÂ® on legislation in January to exempt first-time homebuyers. You can see the Senate vote HERE.
You can read the entire bill HERE.
A Legal Update on the transfer tax increase is available HERE.
Again, please note this bill takes effect on August 1, 2017, and does not apply to contracts entered into before August 1, 2017.
The Delaware Association of Realtors® has begun discussions with legislators to amend this legislation as soon as the General Assembly reconvenes in January.
HOUSE BILL 240 DEFEATED! YOUR VOICES WERE HEARD!
CONGRATULATIONS DELAWARE REALTORS®
The bill that slashed the mortgage interest (MID), property tax, and all other itemized deductions, was defeated in the Delaware House of Representatives at 1:30 a.m. on July 1t! The bill went down with a 24-17 vote. You can check out the vote count HERE.