Update - Grantor’s Tax Rate Reduction Proposed


VA Grantor's TaxBack in March we reported that the Virginia Assembly had approved a grantor’s tax increase effective after July 1. Grantor’s Tax is charged to all sellers. Governor Bob McDonnell, and his office working with the Virginia Association of Realtors (VAR), found the 25 cent increase was not necessary. Using more recent data, the same amount of money could be raised with a smaller increase. As a result, the Governor amended the bill asking that the proposed grantor’s tax increase be reduced from 25 cents per $100 to only 15 cents. This money is earmarked for congestion relief which includes a large portion of Northern Virginia. Hopefully the General Assembly will agree with this reduction.  Read our original post here.

David Rainey and Sallie McBrien Alexandria VA RealtorsDavid Rainey and Sallie McBrien
David and Sallie are an experienced and results oriented team that are dedicated to meeting the needs of their clients.  Whether you are buying or selling your home, Your At Home Team is committed to your real estate success.
703.286.1333
Contact Us Today

 

 

1 Response to "Update - Grantor’s Tax Rate Reduction Proposed"

Grantors Tax Increases July 1, 2013 wrote: [...]Related Links

Selling Your Home
What is My Home Worth
Grantors Tax




Tags

local news (5)
taxes (3)
sellers (1)[...]

Posted on Wednesday, June 26th, 2013 at 4:08pm.

Leave a Comment