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ULC Workshops

DC First Time Buyers Get Special Tax Relief


DC first time home buyers may get the benefits of special tax relief with a new bill that is bouncing around DC government since in early April. It’s called the First-Time HomeBuyer Tax Benefit Amendment Act of 2016 and it reduces the recordation tax rate for first-time homebuyers in DC for 4 years.

The Mayor’s office is pushing for the tax credit to go into effect with the DC council. Basically, if you’re a first time buyer and have a household income that does not exceed 180% of the area median income, you would pay a tax rate of just 0.725%. The recordation tax is a fee that is collected as part of recording your real estate purchase in the city’s land records. The “normal rate” before the new law is a 1.1% tax on homes sold under $399,999 and 1.45% for homes sold for more than $400,000.

The law will become a live tax credit once current budget negotiations are complete and a funding appropriation is created.

Want to get started on buying a home in the DC area? We hold popular Free Home Buyer Workshops on Tuesday nights at 6pm and Saturday mornings at 10am at our NW offices. Phone sessions are also available.

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Workshops are FREE of charge and are held at 913 Florida Ave. NW. near the U Street METRO. UrbanLand Company Home Buyer Workshops have produced over 1,380 in purchased homes since 2014 for DC and Maryland residents, many of which are $0 Down or low down payment loans.

Here’s some of the homes we’ve sold to Workshop attendees!

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