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District of Columbia Co-Ops to Be Subject To Transfer Taxes – Oct 1, 2009 August 17, 2009

Posted by Laura Schwartz in First-Time Buyers, Washington D.C..
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taxes

When the FY 2010 budget for D.C. was released, an important change was noted: As of October 1st, 2009, Co-op sales will be subject to an “Economic Interest Tax.” Currently, Co-ops are exempt from Recordation and Transfer Taxes (to be paid by buyers and sellers, respectively) paid on other types of residential real estate (condos, townhomes, detached properties).

The new tax schedule looks like this:

1.1% of Fair Market Value if less than $400,000

1.45% of Fair Market Value if at or above $400,000

If you have questions about other differences between Co-op sales and condos, please call me! 703.283.6120

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