DC Tax Abatement income, purchase price limits increase
For the latest DC credit program, please view information here on DC's Newly Enacted First-Time Homebuyers Recordation Tax Reduction program that went into effect October 1, 2017.
Purchase price and income thresholds to qualify for the popular DC Tax Abatement Program have increased, hopefully making it easier for more homebuyers to become homeowners.
The District of Columbia Office of Tax and Revenue upped the purchase price threshold to $439,160 from $408,000.
At the same time, the income threshold for a single buyer increased to $58,980 from $57,540 while the income threshold for a two-person household increased to $67,380 from $65,760.
In "Economic Development Zones," the income limits are higher. For a single buyer, it's $67,265 and for a couple it's $76,890.
For more on income limitations and the DC Tax Abatement Program, please visit our page on the DC Tax Abatement Program.
Real estate website Trulia reports the median sales price for homes in DC was $539,000 over the past three months, an increase of 5 percent over the previous year.
The DC Tax Abatement Program provides an exemption from the DC 1.1% Recordation Tax and an allowable credit from your seller(s) of 1.1% equal to the DC Transfer Tax. Additionally, the program provides a five-year real estate tax abatement that begins October 1 following your date of closing.
- Tags: DC Tax Abatement | First-time Homebuyers | Homebuying | Property Taxes | Real Estate | Taxes | Washington DC