Form Name. Who pays the transfer and recordation tax in the District of Columbia? 13. If your household's total income is $20,000 or less, you may be eligible. If the assessed amount of property to be transferred is $400,000 or more, the tax will be 2.9%. Recorder of Deeds announced today that it has revised the Real Property Recordation and Transfer Tax Form FP 7/C (herein “FP7C”). If the sale is $399,999 or less, then the DC transfer and recordation tax rate is 1.1%. DC.GOV. 0.5%. $300 credit for owner occupant. 0.5% 3. 15. It is customary for the seller and the buyer to split the total transfer and recordation tax amount equally (if no exemptions apply). Updated to 8/2017 version. We are updating our copy of Form FP 7-C (Cx2485) to more closely match the model form posted on their website, as already indicated above. State Transfer Tax. If you have any questions or concerns, please contact Client Support at 1.800.497.3584. https://otr.cfo.dc.gov/publication/rod-1-real-property-recordation-and-transfer-tax-form-fp-7-c. The tax is based upon the consideration paid for the transfer. Recorder of Deeds announced today that it has revised the Real Property Recordation and Transfer Tax Form FP 7/C (herein “FP7C”). Or same as Sate rate (¼%) if first time MD Homebuyer; apply in same fashion as MD transfer tax for 1st time MD Homebuyer. 01.19.15 • Document Updates. The local government receives a total of $6,600 in transfer & recordation taxes. The D.C. code listing exemptions from transfer tax is provided separately, as is a list with exemptions from recordation tax. Read more. This tax covers the transfer of the title from the seller to the buyer, as well as the work it takes to record the deed with the OTR. Real Property. An application for DC also charges a DRT when (1) a commercial property is refinanced for more than the current balance on outstanding loan(s) on such property, and (2) a residential property with five or more units is refinanced. Chapter 14. Baltimore City 410-333-3760. The Office of Tax and Revenue's (OTR) real property tax database provides online access to real property information that was formerly available only through manual searches and at various DC public libraries. Document Updates: DC Real Property Recordation and Transfer Tax Form FP 7-C (Cx2485) Sign In; Request Demo; Compliance. Print; Footer-first. The transfer and recordation tax is collected by the DC Office of Tax and Revenue (OTR) when there is a real estate transaction in the District. Updated to 8/2019 version. ), use tax (§ 47-2201 et seq. 1101 4th Street, SW Suite 270 Washington, DC 20024 Phone (202)727-5374. This Tuesday, May 10, GCAAR will load up a fleet of buses with members to march on… Read more » Home; Document Updates; News. “(a) There is imposed on each transferor for each transfer at the time the deed is submitted to the Mayor for recordation a tax at the rate of 1.1% of the consideration for such transfer; provided, that in any case where application of the rate of tax to the consideration for the transfer results in a total tax of less than $1 the tax shall be $1. 10.28.19 • Document Updates. District of Columbia Real Property Recordation and Transfer Tax Form. Document Updates: DC Real Property Recordation and Transfer Tax Form FP 7-C (Cx2485) Deed, Form FP7/C, Stamped and initialed copy of Form FP-300 (request for exemption from real property tax) submitted to the real property tax division of the Office of Tax and Revenue. Sales of $400,000 and above are taxed at the rate of 1.45%. Recorder of Deeds announced today that it has revised the Real Property Recordation and Transfer Tax Form FP 7/C (herein “FP7C”). The purpose of this revision was to “contain a self-certification of compliance with tax payment, per DC Code § 42-407(2).” However, the terms of your contract and final documents will ultimately determine these costs. We can only provide the recording requirements for a particular document. The District of Columbia (DC) has enacted legislation increasing its Real Estate Deed Recordation Tax and the Real Property Transfer Tax on the recordation of certain commercial and mixed-use real estate transfers and security interests. There is also a tax rate increase on cigarettes. MARYLAND Transfer / Recordation Charts (As of November 1, 2020) Rate are subject to change. Where there is no consideration or where the amount is nominal, the basis of the transfer tax is the fair market value of the property conveyed. The District of Columbia charges a Deed Recordation Tax (DRT, or recordation tax) and a Real Property Transfer Tax (PTT, or transfer tax) when real property is sold. (2) Accept for recordation any deed, as defined in § 42-1101(3), concerning real property in connection with which taxes, assessments, or charges are owing under chapter 11 of this title, under chapters 9 and 14 of Title 47, or to a taxing agency as defined in § 47-1330(8); provided, that this paragraph shall not: Rights of the holder of a conservation easement. County Transfer Tax 2. Seller pays $7,250 transfer tax. Office of Tax and RevenueRecorder of Deeds. The DC Government website lists all the possible exemptions from Recordation Taxes, and from Transfer Taxes. For transfers of property valued over $400,000 and up to $2 million, deed transfer (1.45%) and recordation (1.45%) taxes in Washington will continue to total 2.9% of the purchase price or fair market value of the property. Previous § 42–201. Documentation Required for Claiming Exemptions. The D.C. Compulsory Recordation of Transfers of Real Property. Form Updates. $50,000 exemption on all transactions. Download to view a list of exemptions from recordation tax. District of Columbia Real Property Recordation and Transfer Tax Form FP-7/C. Form Updates Investor Updates ... District of Columbia Real Property Recordation and Transfer Tax Form. DCFP7C.MSC. . Recent Articles; Compliance Blog; TRID Center; URLA Resource Center; Matrices; Compliance … October 2019. Jurisdiction. Each transfer of real property at the time the deed is submitted for recordation. Definitions. District of Columbia Real Property Recordation and Transfer Tax Form. Subchapter II. Home; Document Updates; News. Subchapter III. Recordation Tax 1. ITEM 1 - TYPE OF FILING: A regular filing is required by law, whether taxable or exempt under Tax-Property Article, § 12-117. The tax rate for transfers of economic interests in such property will increase to 5 percent. collects real property, recordation and transfer taxes, and conducts the annual tax sale of delinquent property, through the following divisions: The Assessment Division - assesses/values all real property for ad valorem tax purposes, conducts assessment appeals, maintains the assessment roll and parcel maps, and administers the real property exemption laws. The D.C. The D.C. Recorder of Deeds announced today that it has revised the Real Property Recordation and Transfer Tax Form FP 7/C (herein “FP7C”). All of these are lumped together on the HUD-1 settlement statement and identified, collectively, as “Transfer Tax.” It’s smart to understand the cost associated with selling or buying real … Conservation Easements. The purpose of this revision was to “contain a self-certification of compliance with tax payment, per DC Code § 42-407(2).” Accordingly, this section must be read with other sections of D.C. Law 3-92 relating to recordation tax on deeds (§ 45-921 et seq. Real Property Tax All real property, unless expressly exempted, is subject to the real property tax and is assessed at 100% of market value. 2. Government of the District of Columbia Office of Tax and Revenue Recorder of Deeds 515 D Street, NW Washington, DC 20001 Phone (202)727-5374 Real Property Recordation and Transfer Tax Form FP 7/C … (Date of Release to Production: 10/24/19) Log in or register to post comments; Wizard . The seller pays the transfer tax. If the assessed amount of property to be transferred is less than $400,000, the tax will be 2.2%. So, if there currently is one owner, and she is adding a non-exempt individual to title, the city will view it that she is transferring 50% ownership, so if the property is assessed at $500,00… 13. Government of the District of Columbia. This is not an exhaustive list; you should contact your legal or tax advisor concerning whether Try our app! Recent Articles; Compliance Blog; TRID Center; URLA Resource Center; Matrices; Compliance … ↪ Code of the District of Columbia ↪ Title 42. It is possible that the buyer may be held responsible for paying both of these fees. DC Recordation and Transfer Taxes Skyrocketing for Commercial Properties Click to share this page Click for PDF Click to print this page On July 22, 2019, the D.C. City Council adopted Bill 23-209 “to enact and amend provisions of law necessary to support the Fiscal Year 2020 budget” (the “Bill”) which budget was approved pursuant to the Fiscal Year 2020 Local Budget Act of 2019. Once again, it depends, but this time it will depend on the assessed value of the property and the percentage of ownership being transferred. Learn more here. Settlement Considerations on Acquisitions of DC Commercial Property – Plan Early and Keep Lines of Communication Open Between Settlement Company and Lender . The Real Property Recordation and Transfer Tax Form FP/7C is required for all deeds enacting property transfer in D.C and contains instructions. Updated to 8/2019 version. A first time home buyer discount is available to qualified home buyers. Recordation and Transfer Taxes. ), personal property tax , and income tax … 7/1000. Record the completed gift deed, along with additional materials, with the Recorder of Deeds office. These tax amounts are calculated based on the purchase price of the home. The local government receives a total of $14,500 in transfer & recordation taxes. In this case, compute the tax based on loan amount, not sales price. DC also charges a DRT when (1) a commercial property is refinanced for more than the current balance on outstanding 10/1000 4. 0.5%. 1 The total combined rate on certain real estate transfers will move from 2.9% to a total combined rate of 5%, effective October 1, 2019 (which would … Real Property Recordation and Transfer Tax Form FP 7/C Government of the District of Columbia. Rate. Soft Drinks: The sale of or charge for soft drinks are subject to 8 percent sales and use tax. The Individual Income Tax Credit reduces the DC individual income tax liability of eligible homeowners and renters by up to $750. For transfers of economic interests in a housing cooperative unit (co-op unit), the recordation tax rate is reduced from 2.2% to 1.825% for units under $400,000, and from 2.9% to 2.175% for units $400,000 or greater (there is no transfer tax). Deed that Corrects, Confirms, Modifies or Supplements a Previously Recorded Document: Deed, Form FP7/C, Copy of previously recorded document 14. Deed Transfer Tax. Document Update: DC Real Property Recordation and Transfer Tax Form FP 7/C (Cx2485) A magnifying glass icon. Subchapter I. Definitions. … DC … For houses and condominium units , the recordation tax rate is 0.725% (transfer taxes owed by the seller of 1.1% or 1.45% are unchanged). For example, if you bought a $250,000 home in DC, the buyer and seller would each pay $2,750 in DC transfer and recordation tax. The budget increases taxes on commercial properties over $10M by $0.04 per $100 of assessed value, a 2.2% increase. to the payment of the applicable State and County recordation and transfer taxes. Transfer and recordation taxes are customarily split equally between the buyer and seller. ), residential real property transfer excise tax (§ 47-1401 et seq. Each transfer of real property at the time the deed is submitted for recordation. District of Columbia Office of Tax and Revenue Recorder of Deeds 1101 4th Street, SW Washington, DC 20024 Phone (202)727-5374 Documentation Required for Claiming Exemption from Recordation and/or Transfer Taxes The Recorder of Deeds Office cannot provide legal advice or assist in completing any forms. Document Title. The following tax changes were required by the Fiscal Year 2020 Budget Support Emergency Amendment Act of 2019. Use Close It! Real Property Tax Suite Now Available at MyTax.DC.gov. Form Name. Exceeds sales price. ), gross sales tax (§ 47-2001 et seq. 7/1000. The new provisions, which include sales and use, individual income, corporate franchise, real property, and recordation and transfer taxes, will take effect Tuesday, October 1, 2019. (Date of Release to Production: 10/24/19) Log in or register to post comments; Wizard. District of Columbia Real Property Recordation and Transfer Tax Form. Document Title. Government of the District of Columbia Office of Tax and Revenue Recorder of Deeds 515 D Street, NW Washington, DC 20001 Phone (202)727-5374 Real Property Recordation and Transfer Tax Form FP 7/C Property Transfer Tax (PTT, or transfer tax) when real property is sold. DC Code Citation: Title 47, Chapter 9. You can obtain property value, assessment roll, and other information for more than 200,000 parcels using the links below. 0.5%. The D.C. ↪ Chapter 2. Example 2: $500,000 x 1.45% = $7,250 Buyer pays $7,250 recordation tax. The following tax changes were required by the Fiscal Year 2020 Budget Support Emergency Amendment Act of 2019. Some Key Facts: 1. Download this form to view the list of exemptions. Document Title. I want to go ahead and move forward with the Deed change, what should I do next? otr.cfo.dc.gov. §§ 47-1411 – 47-1421. Rate. Agency/Statute. The Office of Tax and Revenue Walk-In Center, at 1101 4th Street, SW, is closed. The new provisions, which include sales and use, individual income, corporate franchise, real property, and recordation and transfer taxes, will take effect Tuesday, October 1, 2019. The largest component of these costs is for the DC transfer and recordation tax. 502.1 The basis for the tax is the recordation of a deed and, except as otherwise provided in the Act or this chapter, the tax must be paid at the same time the deed is submitted for recordation. District of Columbia Recordation Tax. Regs. ... abated, or waived under subsection (b) of this section, section 302(24) of the District of Columbia Recordation Tax Act and D.C. Code 47-902(17), 47-1002(26), and 47-2005(32), shall not exceed, in the aggregate, $7 million. In Washington DC, transfer taxes are also referred to as recordation taxes, stamp taxes or grantee taxes. The Real Property Recordation and Transfer Tax Form FP/7C is required for all deeds enacting property transfer in D.C and contains instructions. Anne Arundel 410-222-1125. GCAAR, our Local Association, is fighting a drastic increase in the recordation tax proposed by the Montgomery County Council. Agency/Statute. Recordation and Transfer Tax. The Real Property Recordation and Transfer Tax Form FP/7C is required for all deeds enacting property transfer in D.C and contains instructions. Transfer Tax on Real Property. District of Columbia Office of Tax and Revenue Recorder of Deeds 1101 4th Street, SW Washington, DC 20024 Phone (202)727-5374 Clear all fields Real Property Recordation and Transfer Tax Form FP 71C PART A - Type of Instrument Cl Tax Deed Cl Deed Easement Modification Deed … It also increases deed and recordation transfer taxes from 1.45% to … The portal now includes individual income, business and real property taxes and fees. As anticipated, on Tuesday May 28, 2019, the DC Council unanimously approved increasing transfer and recordation taxes from 2.9% to 5% on transactions … In the District of Columbia, all conveyances of real property require both a document intake sheet and a completed Real Property Recordation and Transfer Tax Form (FP 7/C). Recordation and Transfer Rates (DC,MD,VA) Click the link Recordation Taxes for a PDF download of our Recordation and Transfer Tax Quick Reference! There is also a tax rate increase on cigarettes. The purpose of this revision was to “contain a self-certification of compliance with tax payment, per DC Code § 42-407(2).” That statute, reprinted below, says that D.C. shall not record if any Transfer Nothing on this website should be considered a substitute for the advice of an attorney. Print; Footer-first. §§ 47-1431 – 47-1433. Commercial Property Rate Increase: The combined recordation and transfer tax rate for class 2 property will increase from 2.9 percent to 5 percent if the consideration is $2 million or more. , assessment roll, and other information for more than 200,000 parcels using the links below on cigarettes Phone... Of 0.725 %, learn more is closed these fees a magnifying glass.! $ 400,000 or more, the tax will be 2.2 % of 2019 based... More, the tax is based upon the consideration paid for the DC transfer recordation! Less than $ 400,000 or more, the completed Form will be 2.9 % easily calculate the Washington DC insurance. Orientation dc real property recordation and transfer tax form with exemptions from recordation tax rate increase on cigarettes Sign ;... Tax exemption, view the list of exemptions taxes, as is list! In most cases, the terms of your contract and final documents will ultimately determine these costs is the. Equally between the buyer and seller deed recordation tax, at 1101 4th Street, SW, closed... Form, most of which being minor text and page orientation edits liability of eligible homeowners and renters by to. Be viewable on the Department ’ s website income is $ 400,000 and above are taxed a! Tax proposed by the Montgomery County Council & recordation taxes are customarily split equally between the buyer will pay the... And final documents will ultimately determine these costs rate of 1.45 % of the purchase price residential Real Property and. Updates... District of Columbia, D.C. Mun interests in such Property increase. Discount is available to qualified home buyers tax in the recordation tax in the of. Form D-40 ( individual income tax Credit reduces the DC Government website lists the! Please contact Client Support at 1.800.497.3584. https: //otr.cfo.dc.gov/publication/rod-1-real-property-recordation-and-transfer-tax-form-fp-7-c of the purchase.. Updates... District of Columbia Real Property recordation and transfer tax Form FP/7C is required all. Grantee, and other information for more than 200,000 parcels using the links below Schedule! Lists all the possible exemptions from transfer taxes, as is a list of exemptions you have any or. In transfer & recordation taxes sales and use tax ( § 47-2201 et seq the time deed!, business and Real Property transfer in D.C and contains instructions deed is submitted for recordation taxes and fees such... Also a tax rate increase on cigarettes ultimately determine these costs and are! County transfer taxes either tax exemption, view the next list Form (. An application for in DC the D.C. code listing exemptions from recordation tax obtain Property value, first-time. Loan amount, not sales price DC code Citation: title 47, Chapter 9 at the time deed. 400,000 and above are taxed at a rate of 1.45 % of the price! Taxed at a rate of 1.45 % of the purchase price website lists all the possible exemptions transfer... If your household 's total income is $ 20,000 or less, you are responsible for paying of... Individual income tax Return ) exemptions from recordation tax Washington, DC 20024 (..., the completed Form will be viewable on the Department ’ s website or recordation tax required! Property in DC, deed transfer tax Form FP-7/C and the seller customarily pays the transfer is... Separately, as is a list with exemptions from recordation tax of 0.725 % learn... Provided separately, as is a list with exemptions from transfer taxes home discount! Customarily split equally between the buyer and seller Updates Investor Updates Investor Updates... District of Real! Street, SW Suite 270 Washington, DC 20024 Phone ( 202 ).... Consideration paid for the transfer and recordation taxes in most cases, buyer. Move forward with the Recorder of deeds Office applicable state and County recordation transfer... Tax changes were required by the Montgomery County Council Phone ( 202 727-5374! Tax ( § 47-1401 et seq tax is based upon the consideration paid for the recordation tax ( Date Release. Is less than $ 400,000 and above are taxed at a rate of 1.45 % = $ buyer! Form to view a list of exemptions deed for recording first-time D.C. homebuyer may be eligible for recordation. Above are taxed at a rate of 1.45 % of the purchase price of the purchase.! At 1.800.497.3584. https: //otr.cfo.dc.gov/publication/rod-1-real-property-recordation-and-transfer-tax-form-fp-7-c ; Matrices ; Compliance the local Government a! Property transfer in D.C and dc real property recordation and transfer tax form instructions most cases, the tax rate is 1.1 % of the of! ; Footer-first customarily split equally between the buyer may be held responsible for recordation. Download to view a list with exemptions from recordation tax increase in the recordation tax and Revenue Center... Example 2: $ 500,000 x 1.45 % ; TRID Center ; ;! The deed is submitted for recordation of economic interests in such Property will to... Sales contract is also a tax rate for transfers of economic interests in such Property will increase to 5.... However, the tax is provided separately, as is a list of exemptions from recordation tax view,. 'S total income is $ 20,000 or less, you may be eligible considered substitute. Forward with the deed is submitted for recordation document Update: DC Property. Buyer will pay for the advice of an attorney transfer in D.C and contains.! These changes will be 2.9 % or charge for soft Drinks: the sale is $ 399,999 or less then! The largest component of these costs example 2: $ 500,000 x 1.45 % = $ recordation! 7/C ( Cx2485 ) a magnifying glass icon have any questions or concerns, please contact Client at... And use tax DC title insurance rate and transfer tax is based upon the consideration paid for state., learn more final documents will ultimately determine these costs is for dc real property recordation and transfer tax form transfer tax Form FP Government. I want to go ahead and move forward with the deed change, what should i do?... From either transfer tax Form FP-7/C go ahead and move forward with the deed is submitted for.... Tax based on the Department ’ s website 399,999 and under are taxed at rate... Release to Production: 10/24/19 ) Log in or register to post ;. To 5 percent Request Demo ; Compliance many changes to the Form, most of being. Loan amount, not sales price in transfer & recordation taxes are customarily split between..., the terms of your contract and final documents will ultimately determine these costs amount of Property to be is... And above are taxed at a rate of 1.45 % of the applicable state and County transfer taxes Real! And view information, fill in application from, and submitted with the Recorder deeds... Time home buyer discount is available to qualified home buyers tax exemptions on Commercial in. Property tax Credit reduces the DC Government website lists all the possible exemptions recordation... As the County recordation and transfer tax Form FP 7-C ( Cx2485 a.: DC Real Property dc real property recordation and transfer tax form and transfer tax Form FP 7/C ( Cx2485 Sign. Download to view a list with exemptions from recordation taxes in maryland, you be... 2020 ) rate are subject to 8 percent sales and use tax ( § 47-2201 et seq is for advice! Time the deed change, what should i do next required for either tax exemption view... Dc tax ABATEMENT assessment roll, and from transfer tax is provided separately, as a... And transfer tax is based upon the consideration paid for the DC individual income tax Credit the!, learn more $ 10M by $ 0.04 per $ 100 of assessed value, 2.2! Association, is fighting a drastic increase in the District of Columbia Property... Taxes are customarily split equally between the buyer and seller recordation and tax! Many changes to the payment of the purchase price of the home income tax liability eligible... Title 47, Chapter 9 of required documentation for claiming exemption from either transfer tax FP... D-40 ( individual income tax liability of dc real property recordation and transfer tax form homeowners and renters by to. Being minor text and page orientation edits post comments ; Wizard be in effect on November 1 2019! Along with additional materials, with the deed is submitted for recordation grantor and the,... Government receives a total of $ 400,000 and above are taxed at a rate of 1.45 % of. Customarily pays the recordation tax, deed transfer tax, including the recordation tax deeds Property. Of deeds Office of eligible homeowners and renters by up to $ 750 buyer and.... ( 202 ) 727-5374 economic interests in such Property will increase to 5 percent pay the. And from transfer taxes Release to Production: 10/24/19 ) Log in or register to post ;! I do next 0.04 per $ 100 of assessed value, a 2.2 % obtain Property,. To apply, file a Schedule H ( Property tax Credit reduces DC... D.C. homebuyer may be held responsible for the transfer § 47-1431 and.! For transfers of economic interests in such Property will increase to 5 percent Real. Be recorded as provided by D.C. Official code § 47-1431 1.800.497.3584. https: //otr.cfo.dc.gov/publication/rod-1-real-property-recordation-and-transfer-tax-form-fp-7-c Form FP (... For claiming exemption from either transfer tax Form the District of Columbia generally paid by the contract... Be completed by both the grantor and the grantee, and submitted with the Recorder deeds... Concerns, please contact Client Support dc real property recordation and transfer tax form 1.800.497.3584. https: //otr.cfo.dc.gov/publication/rod-1-real-property-recordation-and-transfer-tax-form-fp-7-c 10M by $ 0.04 per $ 100 assessed... Of deeds Office apply, file a Schedule H ( Property tax Credit reduces the DC transfer and tax! Is less than $ 400,000, the tax rate for transfers of economic interests in Property!