As we reported a few months ago, the Virginia Assembly proposed to increase the Grantors Tax. Bill HB 2313 passed and effective July 1, 2013 a Regional Congestion Relief Fee tax, of an additional $0.15 per $100, will be imposed on sellers in Northern Virginia. The total Grantors Tax payable is $0.25 per $100 or $2.50 per $1,000 upon the settlement of their real estate transaction.
Sellers should also seek tax advice on the impact of the Congestion Relief Tax assessed in specific localities.
Contact us for information related to buying or selling your home.