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DE HB414

Bill

Official Source

Status

Passed

10/9/2024

Primary Sponsor

Richard Collins

Click for details

Origin

House of Representatives

152nd General Assembly

AI Summary

  • Amends Section 15 of the Town of Frankford Charter to increase the maximum real estate transfer tax rate from one percent (1%) to one and a half percent (1.5%) of the sale price
  • The real estate transfer tax applies to transfers of real property or any interest in real property within Frankford's corporate limits, regardless of where the transaction is executed or settled
  • Tax ordinance must receive an affirmative vote of two-thirds of all elected members of the Town Council to become effective
  • The fair market value of assumed mortgages is included in the taxable sale price, and exemptions apply to organizations exempted from ad valorem real estate taxes
  • The Recorder of Deeds in Sussex County or another appointed agent may collect the tax as prescribed by Town Council ordinance

Legislative Description

An Act To Amend The Charter Of The Town Of Frankford Relating To Taxation.

Last Action

Signed by Governor

10/9/2024

Committee Referrals

Elections & Government Affairs6/13/2024
Administration5/23/2024

Full Bill Text

No bill text available