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DE SB120
Bill
AI Summary
- Adds "workforce and affordable housing programs" to the list of eligible uses for real estate transfer tax revenues in Delaware counties
- Real estate transfer tax revenues must be segregated from county general funds and used solely for capital/operating costs of public safety, economic development, public works, infrastructure, debt reduction, property assessments, recreational amenities, workforce and affordable housing programs, and land preservation
- Applies to New Castle, Kent, and Sussex Counties in their unincorporated areas
- Maintains existing provisions allowing counties to impose transfer tax up to 1.5% of property value with exemptions for first-time home buyers up to $400,000
Legislative Description
An Act To Amend Title 9 Of The Delaware Code Relating To Expenditure Of Real Estate Transfer Tax Proceeds.
Last Action
Signed by Governor
6/28/2023
Committee Referrals
Housing6/7/2023
Executive5/12/2023
Elections & Government Affairs5/10/2023
Full Bill Text
No bill text available