Back 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.