Tag Delaware Transfer Tax

Tag Delaware Transfer Tax

Delaware First Time Home Buyer State Transfer Tax Exemption

John Thomas August 31, 2018 Tags:
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Delaware First Time Home Buyer State Transfer Tax Exemption

Delaware First Time Home Buyer State Transfer Tax Exemption was enacted on August 30, 2018 and was made retroactive back to August 1, 2017 when the State of Delaware increased the transfer tax from 1.5% to 2.5% on the state portion, so effective immediately, Delaware First Time Home Buyer‘s portion f the State transfer tax is reduced from 1.25% to 0.75%.  The Seller’s portion remains at 1.25%.  The first time home buyer exemption applies to purchase price of up to $400,000.  If purchase price is above $400,000 then the Delaware first time home buyer pays the full 1.25% on the amount above $400,000.
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New Castle County will no longer Exempt Fannie Mae & Freddie Mac from Transfer Tax effective June 14 2012

John Thomas May 12, 2012 Tags: , , , , , , , ,

New Castle County Delaware ruled that effective June 14, 2012 Fannie Mae and Freddie Mac will NO LONGER be exempt from transfer taxes on the sale of homes.

The New Castle County law department has recently ruled on transfer taxes on transactions involving Fannie Mae (Federal National Mortgage Company) or Freddie Mac (Federal Home Loan Mortgage Company). Historically, purchases from these entities have been treated as exempt from transfer tax as a conveyance from a governmental agency. In fact, Fannie Mae and Freddie Mac are NOT governmental agencies – they are federally chartered private corporations. New Castle County has decided to enforce that distinction starting on June 14, 2012. Keep Reading...

Elsmere, Delaware – Repeals First Time Home Buyer Transfer Tax Credit – February 9, 2012

John Thomas February 19, 2012 Tags: , ,

Town of Elsmere Delaware repeals the first time home buyer transfer tax credit was repealed on February 9, 2012 by the Mayor of the town of Elsmere and the town council and is effective immediately.  The transfer tax in Delaware is 3% of purchase price which is split equally between the state of Delaware and the county.  If the property is in a township, municipality, or city then the county portion of the transfer tax is collected by that entity.   New Castle County, Kent County, and Sussex County all waive the transfer tax for first time home buyers if property is in the county alone.  The Town of Elsmere had been giving the waiver as well until Thursday February 9, 2012. Keep Reading...

Delaware Property Transfer Tax Exemption for First Time Home Buyers – New Castle County

John Thomas June 18, 2011 Tags: , ,
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Delaware Property Transfer Tax

Delaware Property Transfer Tax Exemption – Qualified AREAS (New Castle County)

Delaware Property Transfer Tax Exemptions exist in qualified areas of New Castle County for Delaware First Time Home Buyers.  Many Delaware municipalities and counties have enacted the 1½ percent transfer tax on the purchase price, so generally the Delaware transfer tax is a total of 3% of the purchase price(1½ percent to the State and 1½ percent to the county or municipality). This amount is split between the buyer and seller of real estate, unless the parties agree otherwise in the sales contract.  If you have questions on transfer taxes or would like to apply for a mortgage call 302-703-0727 or APPLY ONLINE Keep Reading...

Is there a Delaware Transfer Tax on Refinance?

John Thomas June 17, 2010 Tags: , ,

Is There a Delaware Transfer Tax on a Refinance

There is no Delaware Transfer Tax on a refinance, this is a common question but there can never be a transfer tax on a refinance because transfer is when the property changes hands from one owner to another.  The tax on a refinance is called a mortgage tax.  Delaware doesn’t have a mortgage tax either.  The only government fee you will pay on refinancing a home in Delaware is the recording fee to the county for recording the new mortgage.  Delaware technically doesn’t have a transfer tax it is actually a transfer fee.  This is a big distinction because a fee is not tax deductible as a tax would be.  The Delaware transfer fee on a purchase is 3% total.  Customarily split 1.5% to the seller and 1.5% to the buyer. Keep Reading...