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DE HB71

Bill

Official Source

Status

Introduced

1/14/2021

Primary Sponsor

Michael Ramone

Click for details

Origin

House of Representatives

151st General Assembly

AI Summary

  • Decrease the state realty transfer tax rate from 3% to 2% for standard real estate transfers, reverting to pre-August 1, 2017 rates
  • Reduce the realty transfer tax rate from 2½% to 1½% in municipalities or counties that have enacted the full 1½ percent local realty transfer tax
  • Maintain the existing ½ percent first-time home buyer tax reduction on the grantee's portion of taxes (capped at $400,000 property value)
  • Reduce the realty transfer tax rate on leasehold interests from 3% to 2%, or from 2½% to 1½% where local taxes apply
  • Effective for all real estate transfers occurring after December 31, 2022

Legislative Description

An Act To Amend Title 30 Of The Delaware Code Relating To Decreasing The Realty Transfer Tax.

Last Action

Assigned to Appropriations Committee in House

6/17/2021

Committee Referrals

Appropriations6/17/2021
Revenue & Finance1/14/2021

Full Bill Text

No bill text available