DC First Time Homebuyer Credit 2014

WOOT! A new take on the DC First Time Homebuyer Tax Credit – it's a reduction in the hefty recordation tax charged on every real estate purchase in DC.

Thanks, Councilmembers David Grosso and Jack Evans, for introducing a bill giving first-time homebuyers (including those purchasing a cooperative interest) a reduction on recordation tax charged on every home purchase in the District! The current rate of 1.45% of the purchase price would reduce to .725% under the legislation. And did you know that DC’s recordation tax rate is approximately 50% higher than similar taxes in Virginia and Maryland?  

To qualify for The First-time Homebuyer Tax Credit Amendment Act of 2014, home buyers must never have purchased a home, or must have divested principal ownership in a divorce, separation or similar circumstance. Purchasers must be District of Columbia residents and the property must be a primary, owner-occupied residence.

The timing is just what the sluggish second-half of the DC real estate market needs after record-making price increases this spring and the anticipated rise of interest rates in 2015. Sellers will benefit from the sales rate increase and Buyers could use a break!  It would be a great bonus to purchasing a home in 2014.

Read our previous posts on the DC First Time Homebuyer Tax Credit:

About the DC First Time Homebuyer Tax Credit

End of the DC First Time Homebuyer Tax Credit

Districtre.com

Whether you're a buyer, seller or just someone who likes to follow the DC real estate market, Districtre.com offers a great user experience.

Interested in new construction? Check out our Development section. Don't know your way around DC? Browse our DC Neighborhoods section to find your perfect location. Be sure to stop by  our Listings landing page and take a glance at the Open House page for this weekend's open houses. Just want to know how DC real estate works? Spend some time in our Buyer,  Seller and Tools sections. Learn about DC real estate market data. Read Power Papers to broaden your knowledge. You'll be an expert in no time! Of course, if you need the help of a Realtor, we hope you'll contact The Isaacs Team.