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DE HB297
Bill
Status
1/16/2018
Primary Sponsor
Michael Ramone
Click for details
AI Summary
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Reduces Delaware's state realty transfer tax rate from 3% to 2% of property value for most real estate transactions
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Lowers the state tax rate from 2.5% to 1.5% in municipalities or counties that have enacted the full 1.5% local realty transfer tax
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Decreases the tax rate on new construction (documents described in § 5401(8)) from 2% to 1% on amounts exceeding $10,000
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Returns state realty transfer tax rates to levels that were in effect prior to August 1, 2017
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Applies only to real estate transfers under contracts entered into after the Act's effective date
Legislative Description
An Act To Amend Title 30 Of The Delaware Code Relating To Decreasing The Realty Transfer Tax.
Last Action
Introduced and Assigned to Revenue & Finance Committee in House
1/16/2018