DC Tax Abatement Program 2018 Updates

By October 2, 2018 Uncategorized

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, 2018.   

Purchase price and income thresholds to qualify for the popular DC Tax Abatement Program have increased, making it easier for more homebuyers to become homeowners.

The District of Columbia Office of Tax and Revenue income threshold for a single-person household increased to $65,100 from $63,060, the income threshold for a two-person household increased to $74,400 from $72,060.

In “Economic Development Zones,” the income limits are higher. For a single person household, it’s $90,250 and for a two-person household, it’s $103,150.

For more on income limitations and the DC Tax Abatement Program, please visit our page on the DC Tax Abatement Program.

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.

Note: Information deemed reliable but not guaranteed.

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