If you are considering buying a home, you should act quickly to avoid additional taxes.  As Part of the New Budget, the Real Estate Transfer Tax will go up 1%.  To Avoid this Tax Increase, you must be Under Contract to Purchase Real Estate “PRIOR” to August 1st.

Sellers are affected too! Transfer taxes are split between Sellers and Buyers – so the impact of the 1% increase is shared by both parties.

*Despite the raise in this “one-time” Tax – the market here is very brisk for so many reasons . . .  

No Sales Tax, No Personal Property Tax, No Tax on Social Security, Crazy Low Real Estate Taxes, and did we mention THE BEACH?

Examples:

11 Patriots Way, Rehoboth 

$865,000

MLS #720346

If this home goes Under Contract prior to August 1 – the Total Transfer Tax would be $25,950 (3% split between Sellers and Buyers).  After August 1^st the Transfer Tax would be $34,600 (4% split between Sellers and Buyers).

2 Virginia Ave., #214, Rehoboth

$333,000

MLS #721057

If this home goes Under Contract prior to August 1 – the Total Transfer Tax would be $9,990 (3% split between Sellers and Buyers).  After August 1^st the Transfer Tax would be $13,320 (4% split between Sellers and Buyers).

30479 Assawoman Court, Ocean View

$399,900

MLS #719959

If this home goes Under Contract prior to August 1 – the Total Transfer Tax would be $11,997 (3% split between Sellers and Buyers).  After August 1^st the Transfer Tax would be $15,996 (4% split between Sellers and Buyers).

36524 Harmon Bay Blvd., Rehoboth 

$423,000

MLS #717228

If this home goes Under Contract prior to August 1 – the Total Transfer Tax would be $12,690 (3% split between Sellers and Buyers).  After August 1^st the Transfer Tax would be $16,920 (4% split between Sellers and Buyers).

Call Babs at 302-227-6101 for more details.