Ultimate magazine theme for WordPress.

Delaware realty transfer tax must be lowered

0


Delaware has the highest state realty transfer tax in the nation. That means more cash changes hands at the settlement table. That means fewer of our citizens can afford a home. That means those selling a home have less equity to move forward themselves. And when that happens, our state’s economy takes a hit.

The Delaware General Assembly raised the state Realty Transfer Tax a full 1% in 2017 to counter a projected $400 million budget deficit. That 33% increase made Delaware’s state realty transfer tax — at 2.5% — the highest in the nation. Add to that the local transfer taxes, and individuals may have to pay as much as 4% of the property’s value at settlement — in cash. That is cash required to meet transfer taxes alone, over and above settlement costs, making it hard for Delawareans to own a home and ultimately dealing a blow to real estate market and our state’s economy.



Source link

Leave A Reply

Your email address will not be published.