Delaware General Assembly

House Revenue & Finance 5/7/03

The General Assembly has ended, the current status is the final status.

5/7/03

Lavelle

Reps. Hudson, Valihura
Sen. Copeland

AN ACT TO AMEND TITLES 9, 22, AND 30 RELATING TO THE TAXATION OF REAL PROPERTY.

This Act increases the State Realty Transfer Tax from 1 and ½ percent to 1 and 7/8 percent and decreases the level of tax that county and municipal governments may impose on real property transfers from 1 and ½ percent to 1 and 1/8 percent. County and municipal action to increase their individual rates will still be necessary. Should a county or municipal government levy a transfer tax of less than 1 and 1/8 percent, the State would continue to collect a 2 percent tax on real property transfers. Because many municipal charters have been modified to reflect the existing 1 and ½ percent transfer tax, this Act amends Title 22 to modify all municipal charters accordingly in a uniform manner rather than attempt to amend each charter individually. This Act becomes effective 6 months following its enactment into law.

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Takes effect upon being signed into law

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