Agenda Item 9
April 25, 2017
April 21, 2017
Robert H. Drummer, Senior Legislative Attorney
Bill 10-17, Recordation Tax - Rates -- Amendments
Bill 10-17, Recordation Tax - Rates -- Amendments, by Lead Sponsor Councilmember EIrich and
Co-sponsor Councilmember Leventhal, was introduced on April 4. A Government Operations and Fiscal
Policy Committee worksession is tentatively scheduled for May 4 at 9:45 a.m.
Bill 10-17 would modify the recordation tax rates levied under state law for certain transactions.
The "Recordation Tax Premium" went into effect in 2008. Bill 15-16, enacted on May 18,2016,
increased the Premium rate from $1.55 to $2.30/$500. Unlike the two elements of the base rate paid on
all transactions, the Premium applies only to the cost of a property or a refinancing that is more than
$500,000. Half of the proceeds from the Premium are allocated to County Government capital projects
(i.e., capital projects of departments in the Executive Branch); the other half is for rent assistance for low
and moderate income households.
Bill 10-17 would reduce the Premium for transactions that are more than $500,000 but less than
$1,000,000 from 2.30 to $1.55/$500. The Bill would increase the Premium for transactions that are more
than $1,000,000 but less than $2,000,000 from $2.30 to $2.55/$500. The Bill would also increase the
Premium for transactions that are more than $2,000,000 from $2.30 to $3.55/$500.
This packet contains:
Legislative Request Report
F:\LAw\BILLS\ 171 0 Recordation Tax Rates - Amendments\PH Memo.Docx