Recordation & Transfer Tax Policy Questionnaire |
Recordation & Transfer Tax (R&T) Policy Options
The staff of the Tax Revision Commission (TRC) has released policy options for the Commissioners to consider based on the presentations and research materials they have received.
The Commission is strongly encouraging public feedback on these proposals:
• Eliminate R&T tax for all property or reduce to 0.433% (VA Rate);
• Eliminate the R&T tax increase of 1.1% to 1.45% (“Bump") at $400,000 for residential properties by using marginal rates (example below);
• Create more progressive housing price brackets with marginal rates (example below);
• Raise income limit for R&T tax exemption for lower/moderate residents;
• Waive R&T taxes for first-time homebuyers, and/or
• Increase commercial R&T tax rate from 2.9% to 4.9%
***If you are unfamiliar with some of these terms we have provided examples in the survey below in how they are intended and might affect the market.
DCAR wants to know how these policy options would affect your business. We have designed the following survey questions to find the pulse of where our members stand on these issues.
Please note that these proposals are not final.
The Commission is strongly encouraging public feedback on these proposals:
• Eliminate R&T tax for all property or reduce to 0.433% (VA Rate);
• Eliminate the R&T tax increase of 1.1% to 1.45% (“Bump") at $400,000 for residential properties by using marginal rates (example below);
• Create more progressive housing price brackets with marginal rates (example below);
• Raise income limit for R&T tax exemption for lower/moderate residents;
• Waive R&T taxes for first-time homebuyers, and/or
• Increase commercial R&T tax rate from 2.9% to 4.9%
***If you are unfamiliar with some of these terms we have provided examples in the survey below in how they are intended and might affect the market.
DCAR wants to know how these policy options would affect your business. We have designed the following survey questions to find the pulse of where our members stand on these issues.
Please note that these proposals are not final.