DE HB358

Reduces Delaware's state realty transfer tax rate from 3% to 2% on property transactions, or from 2.5% to 1.5% in areas where municipalities or counties have enacted the full 1.5% local transfer tax

Lowers the tax rate on construction documents (building permits) from 2% to 1% on amounts exceeding $10,000

Repeals the first-time home buyer tax reduction program that previously provided a 0.5% discount on properties up to $400,000

Repeals the exemption for documents entered into prior to July 7, 1973

Applies to all documents recorded and building permits applied for after July 1, 2022, returning rates to pre-August 2017 levels