June 5, 2019
The District of Columbia City Council unanimously approved sweeping tax changes related to commercial real property transfers. Effective October 1, 2019, the District of Columbia Transfer and Recordation Taxes on transfers of commercial property (both by deed and by economic transfer) for transactions of $2,000,000.00 or more will increase from 2.9% to 5%. Additionally, the recordation tax for applicable Deeds of Trust will increase from 1.45% to 2.5%. Please note that the bill is conditioned upon Congress not withholding its approval by June 28, 2019 (unlikely).
Please call Ed Bloom at 240.507.1711with any questions or comments.
ABOUT ED BLOOM
Edward A. Bloom is a Real Estate Law and Business Transactions attorney and Practice Group Director. With over 34 years of experience, his practice is primarily concentrated on real estate development, real estate leasing, real estate workouts and foreclosure, real estate litigation, real estate and corporate lending, mergers and acquisitions, business advice, succession planning, company formation, corporate and transactional matters.
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