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2024-2025 Form
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Real property Recordation and Transfer Tax Form FP 7/C
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FP7 form DC
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People also ask
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Who pays recordation tax in DC?
The seller typically pays the transfer tax and recordation tax is the responsibility of the buyer, however this can be negotiated. In the 2024 GCAAR sales contract, the arrangement described above is the default case “unless an alternate arrangement is agreed to by the parties as part of the written agreement.”
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Does DC have personal property tax?
Individuals, corporations, partnerships, executors, administrators, guardians, receivers, and trustees that own or hold personal property in trust in the District of Columbia must file a DC personal property tax return.
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Does Washington have no property tax?
In Washington State, all real and personal property is subject to tax unless specifically exempted by law. Property tax was the first tax levied in the state of Washington. Today, property tax accounts for about 30% of total state and local taxes.
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Does Washington, D.C. have a mortgage recording tax?
District of Columbia Deed Recordation Tax Applies to all deeds to residential real estate. The tax is based on the value of consideration given for the property. Where there is no consideration or where the consideration is nominal, the tax is imposed on the basis of the fair market value of the property.
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Which state has mortgage tax?
Mortgage Tax States means the states of Florida, Maryland, Washington, D.C., Minnesota, Virginia, New York and Georgia, and any other state(s) identified to the Mortgage Tax Collateral Agent by the Company and the First-Lien Administrative Agent which requires a signNow payment of mortgage recording taxes or other ...
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Does Washington, D.C. have a mortgage tax?
District of Columbia Transactions $399,999 and under are taxed at a rate of 1.1% of the purchase price. Transactions $400,000 and above are taxed at a rate of 1.45% of the purchase price. Transactions $647,000 and below, a first-time D.C. homebuyer may be eligible for reduced recordation tax of 0.725%, learn more.
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