DE HB321

Eliminates Delaware's state realty transfer tax for first-time home buyers with property value of $250,000 or less if gross income is less than $45,000 (or combined gross income less than $75,000 for joint purchasers).

Maintains existing ½ percent tax reduction for first-time home buyers entering transactions on or after August 1, 2017, capped at $400,000 property value, for those not qualifying for the full elimination.

Reduction applies only to the grantee's (buyer's) portion of the realty transfer tax and does not relieve the grantor (seller) from paying their portion.

Requires refunds of any realty transfer tax revenues collected that qualify for the full elimination under this provision.

Effective for all qualifying real estate closings completed after January 1, 2020.