D.C.’s recordation and transfer tax rates on commercial or mixed-use properties are on track to decrease to a combined rate of 2.9% for transactions closing after September 30, 2023.
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Before the coronavirus hit, the real estate industry was riding an all-time high. Global CRE investment was at its highest level ever, home building was up, and developers were eager to use the industry’s continued momentum...more
As anticipated, on Tuesday May 28, 2019, the DC Council unanimously approved increasing transfer and recordation taxes from 2.9% to 5% on transactions of over $2 million effective October 1, 2019 (assuming Congress does not...more
Last month D.C. Mayor Muriel Bowser submitted her proposed 2020-2023 budget and financial plan to the D.C. Council. The Mayor’s proposed budget and financial plan includes a proposal to increase transfer and recordation taxes...more