DE SB88

Eliminates the state realty transfer tax for first-time home buyers purchasing property valued at $250,000 or less, effective upon the bill's passage.

Establishes a tiered tax reduction schedule for first-time home buyers purchasing property between $250,001 and $999,999: 0.25% for $250,001-$300,000; 0.50% for $300,001-$350,000; 0.75% for $350,001-$400,000; and 0.50% reduction on $400,000 for property valued $400,001-$999,999.

Removes the first-time home buyer tax credit for properties valued at $1,000,000 or more, which will be subject to the full standard realty transfer tax rate.

Applies the tax reduction only to the grantee's (buyer's) portion of the realty transfer tax, leaving the grantor's (seller's) portion unchanged.

Replaces the previous $400,000 cap with a tiered approach that provides greater benefits for lower-priced properties while maintaining current benefits for properties valued between $400,001 and $999,999.