Co-op Transfer Tax Goes Into Effect October 1
A couple weeks ago, we reported that the DC City Council passed a measure to tax the sale of co-ops in the District. Yesterday, we learned that the new tax will go into effect this October.
Starting October 1, 2009, co-op sales will be taxed under an economic interest tax, which will be set at 1.1 percent for residential property sales less than $400,000 and at 1.45 percent for sales $400,000 and above. Currently, co-op owners are exempt from these type of recordation and transfer taxes.
The transaction fee will apply to both parties (buyer and seller) in the sale of a co-op unit.
Co-ops have long looked attractive to prospective buyers in DC, specifically because these types of taxes were not imposed. (This is because the sale of a co-op unit is not a transfer in title like most properties, but rather a transfer of an “economic interest.”) However, this change may affect a buyer’s perception of just how good a deal they are getting.
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The final reading of the bill is tomorrow (http://www.dccouncil.washington.dc.us/legislativecalendar), followed by mayor’s signing, 30 day Congressional review, and publication in the DC register. Oct 1 is impossible.