DC First Time Home Buyers – Listen up!

Starting October 1st, the DC Recording tax will be reduced to 0.725% for first-time homebuyers. Qualifying is not as simple as Maryland’s first-time homebuyer exemption; whereby, each homebuyer must simply be a first-time homebuyer of a principal residence to qualify. This enactment also imposes a few additional hurdles, including purchase price limitations and limits on household income. In general, the recordation tax will be reduced to .725% if: Each grantee (i.e., homebuyer taking title) has never owned a principal residence Continue Reading