DC Recordation Tax
In this video Deirdre P Brown explains the Recordation Tax of the real property transactions in the District of Columbia.
Hello this is Deirdre Brown your settlement agent serving Maryland, DC, and Virginia. Today we're going to talk about the DC Recordation Tax. Also commonly called the transfer tax. If you purchase or sale a property in the District of Columbia you will need to pay the recordation tax.
If the property is valued or sold at $399,999 or less then each party pays 1.1% to the District of Columbia.
if the sales price is $400,000 or above each side will pay 1.45% to the District of Columbia.
For example, if the sales price is $300,000 then each side would pay the 1.1% which is $3,300.00 per side for a total of $6,600 going to DC for recordation tax payment.
Please watch my video about how to qualify for a reduced recordation tax if you are a first time DC homebuyer.
if you have more title related questions please reach out to me at closewithdee.com