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DE HB343

Bill

Official Source

Status

Introduced

3/12/2024

Primary Sponsor

Lyndon Yearick

Click for details

Origin

House of Representatives

152nd General Assembly

AI Summary

  • Reduces Delaware's realty transfer tax rate by 0.25% per year for 4 years, starting January 1, 2025, through January 1, 2028
  • Applies to residential property conveyances valued under $500,000 and commercial property conveyances valued under $1,000,000
  • Lowers tax rate from 3% to 2% (or from 2.5% to 1.5% in municipalities/counties with enacted local 1.5% realty transfer tax) by 2028
  • Implements phased reduction schedule: 2.75% (2025), 2.50% (2026), 2.25% (2027), 2% (2028) for lower-valued properties
  • Returns state realty transfer tax rates for these conveyances to pre-August 1, 2017 levels after implementation is complete

Legislative Description

An Act To Amend Title 30 Of The Delaware Code Relating To Decreasing The State's Realty Transfer Tax Rate Of Taxation.

Last Action

Motion to Release Failed

6/12/2024

Committee Referrals

Revenue & Finance3/12/2024

Full Bill Text

No bill text available