Thanks goodness we don’t live in Northern VA
Last Saturday, the Virginia General Assembly passed a new transportation bill (HB 2313) to help fund the states road systems. Part of the package is a 250% increase in the Grantor’s tax, for Northern Virginians.
A Grantors tax is paid by a home seller when you sell your home or business property.
An article by the Washington Post outlines how our Virginia Senators and Representatives found a way to reinstate that tax. When the Governor signs the new bill into law, Northern VA sellers will pay $2.50 per thousand compared to the $1 per thousand today. For a home that sells for $500k the current tax is $500.00 , the new tax rate increases that figure to $1225.00
It’s not as bad as it could have been, The measure originally included a 400% (.40 per $100) increase in the grantor’s tax. Due to advocacy efforts on the part of DAAR leadership and area lawmakers, the legislation passed by the House and Senate of Virginia included a 250% (.25 per $100), a considerable concession on the part of our legislators… DAAR has written to the Governor to ask his consideration of removing the grantor’s tax completely, as he has the authority to “amend” the bill prior to the veto session.