Home | Newsletter | Advertise
loading...

First-Time Homebuyer Tax Credit Introduced in DC

  • September 23rd 2014

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

First-Time Homebuyer Tax Credit Introduced in DC: Figure 1

Councilmember David Grosso introduced legislation on Tuesday that would reduce the recordation tax rate for first-time homebuyers in DC from 1.45 percent to .725 percent of the property sales price. The recordation tax is collected by the city on all home purchases and goes to help fund the Housing Production Trust Fund.

“Not only will this legislation encourage homeownership, but it will also bring the District of Columbia in line with surrounding jurisdictions,” Grosso said on Tuesday. “Currently, D.C.’s transfer and recordation taxes are on average 50% higher than neighboring Maryland and Virginia.”

The First-time Homebuyer Tax Credit Amendment Act of 2014 would apply to DC residents that have never owned a home as well as individuals who have divorced or separated and a “formal settlement did not convey an ownership interest in a principal interest.” The purchased property would have to serve as the buyer’s primary residence.

For years, first-time buyers in the District enjoyed a $5,000 tax credit when they bought a home in the city, but the credit lapsed in 2011.

UrbanTurf will continue to monitor this bill as it moves forward.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/first-time_homebuyer_tax_credit_introduced_in_dc/9003.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse