Debating between living or investing in DC / VA / MD? Most people first think of tax benifits (which state has higher tax rate?). But more importantly, which state has the law that is on
DC First-Time Homebuyer Recordation Tax Reduction
Dated: June 3 2020
According to the DC Office of Tax and Revenue, the recordation tax rate for a “first-time District homebuyer” purchasing “eligible property” will be reduced. For houses and condominium units, the recordation tax rate is 0.725% (transfer taxes owed by the seller of 1.1% or 1.45% are unchanged). For transfers of economic interests in a housing cooperative unit (co-op unit), the recordation tax rate is reduced from 2.2% to 1.825% for units under $400,000, and from 2.9% to 2.175% for units $400,000 or greater (there is no transfer tax). An application for the reduced rate must be made at the time the deed is offered for recordation. The reduced rate cannot be applied for after the deed is recorded.
- The purchase price can’t exceed $647,000.
- Total household income doesn’t exceed the below thresholds:
However, you MUST fill out the First-Time Homebuyer Application in order to get this benifit: https://otr.cfo.dc.gov/node/1272871 This is done thru your title transfer agent.
Persons In Household Household Income Limits 1 $153,000 2 $174,780 3 $196,560 4 $218,340 5 $235,980 6 $253,440 7 $270,900 8 $288,360
無論您是準備搬新房子，或想找到投資的房地產在華盛頓DC, 弗吉尼亚州, 和 马里兰州 地區，我也可以幫助您！ Whether you a....