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The DCAR Walk & Talk: Your Policy Brief June 10, 2013

Report: Property Recordation & Transfer Tax, No Big Deal While taxes can be used to help communities develop and improve, taxes that are too high ultimately hurt the bottom-line. A new report presented to the Tax Revision Commission acknowledged how volatile recordation and transfer taxes are, and that the District's rates are less competitive than surrounding jurisdictions. Still, the report concluded that the taxes are "modest, one-time levies," and an increase will minimally impact the city's economic development. DCAR does think that recordation taxes are a big deal, and we are fighting to roll back these transactional burdens. A public hearing is set for June 24th, and we are using an NAR Issues Mobilization Grant to conduct economic research to prepare testimony. But this won't be enough. We need to know what members think. Are these taxes no big deal, or are they hurting your chances to close? Take our survey and let us know how these taxes affect you.


TAX REVISION COMMISSION Survey We want your input! Consider these questions and submit your experiences or feedback to Katalin Peter, Esq (kpeter@gcaar.com).

Do you have experiences or stories of you or your clients being affected by DC's property taxes, recordation or transfer taxes? Are residential property taxes too low? Too high? Do you agree with the report that the office market impact of recordation and transfer taxes is "minimal?" Because DC is a "secure investment?" Are DC's recordation and transfer taxes sending buyers to Maryland and Virginia? Do you have ideas on how to roll back recordation and transfer taxes? Do you have any other comments or suggestions on the real estate taxes in DC?

Let us know your thoughts!

MoveDC to hold Transportation Plan Advisory Committee (TPAC) Meetings TPAC supports the DC Department of Transportation's MoveDC program by helping plan transportation related projects. The group will be holding a TPAC meeting on Wednesday, June 26, 2013 from 6:00 PM to 8:00 PM. The meeting will be at the National Capital Planning Commission building (401 9th Street NW, Suite 500) Learn More

DC Housing Finance Agency Relaunches Affordable Mortgage Program DCHFA has re-launched its affordable mortgage program. Some of the key changes include: Elimination of a first-time homebuyer requirement. Elimination of purchase price requirements. Increase in the program-wide income limit to $123,395 They also now have a conventional mortgage product and a loan product for refinances.


Click here for more information.

DISTRICT OF COLUMBIA ASSOCIATION OF REALTORS® A state-level REALTOR® association representing residential & commercial members

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What's Happening at DCAR 06.10.2013  

Issue 2 of the DC Association of REALTORS®' member newsletter. In this issue: Property recordation and transfer tax considered 'No big deal...

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