DE lawmakers trying to give relief to Delawareans by scaling back on realty transfer tax

DELAWARE– Some first state lawmakers are looking to give relief to Delawareans with House Bill 358.

It’s a bipartisan piece of legislation that would reduce the realty transfer tax and roll it back to what it was prior to 2017.

Representative Ruth Briggs Kings said in 2017 the state had a lot of budgeting concerns. She said Delaware tried to make up for budget short falls by increasing taxes, including this reality transfer tax. She said Delaware became the highest in the nation with that tax at 4%. So, if this bill passes, it could change that for the First State.

“Given the state has such a surplus, close to a billion dollars even with some of the other spending, it just seems this is a good time to return that buying power, that saving power if you will to those who are buying and selling their primary residences,” Rep. Briggs King said.

Rep. Briggs King also said with the realty transfer tax as high as it is now it’s another burden for first-time home buyers who already have to deal with closing costs.