DC Realtors protest transfer taxes

Washington, D.C.’s 1.45 percent deed and recordation tax, charged to both buyers and sellers of commercial properties and homes priced above $400,000, generates about $300 million in tax revenue per year for the district, but makes homes less affordable, Realtors say.

So it’s neither “shocking” that the D.C. Association of Realtors would ask that the tax be eliminated nor “likely” that the request will be honored, the Washington Business Journal reports.

In recent years, the National Association of Realtors and state-level Realtor associations have spearheaded successful campaigns for constitutional amendments banning real estate transfer taxes in at least five states: Arizona, Missouri, Montana, Louisiana and Oregon.

Source: bizjournals.com.