News

ROD Announcement: First-Time Homebuyers

Please see the attached announcement from the Office of Tax and Revenue relating to the reduction in recording taxes for first-time homebuyers in D.C.

OTR Tax Notice 2017-2: Reduced Recordation Tax Rate for First Time Homebuyers

Recently enacted legislation will lower the recordation tax rate payable on residential properties (including cooperative units) acquired by first-time District homebuyers to .725%. D.C. Law 21-268, as amended by the Fiscal Year 2018 Budget Support Act of 2017. This rate reduction will apply to deeds of title recorded on or after October 1, 2017. While an end date for the reduced rate has not been set, this legislation requires that, in 4 years, a report concerning the reduced rate be submitted to the City Council to assist it in determining whether the reduced rate should be continued.

Read the complete notice for more information.