Modifies additional fee and taxes imposed on certain real property transfers valued over $1 million; expands imposition of fees and taxes to real property classified Industrial Property and certain Apartments.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies additional fees and taxes imposed on real property transfers valued over $1 million. It expands the imposition of these fees and taxes to include Industrial Property and certain Apartments. The bill also adjusts the fee schedule, reducing the percentage rates for transfers between $2 million and $3.5 million. Additionally, it introduces an exemption for apartment buildings with at least 10% affordable housing units and modifies the controlling interest transfer tax.
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