DE HB279

Increases the state realty transfer tax rate from 2% to 3% on most real estate transfers, unless the municipality or county has enacted the full 1.5% local tax, in which case the state rate becomes 2.5%

Applies the same rate increase to documents defined in § 5401(4) of Title 30, with tax payment split between the first year of the term at recording and annual payments thereafter

Increases the transfer tax rate on documents described in § 5401(8) from 1% to 2% on amounts exceeding $10,000, borne by the building owner

Takes effect August 1, 2017, but does not apply to real estate transfers pursuant to contracts entered into before August 1, 2017

No tax is imposed on property transfers valued at less than $100