Virginia Grantor's Tax Set to Increase July 1st.

The Virginia General Assembly enacted a landmark transportation law (HB 2313) to raise new revenues to pay for transportation initiatives across the commonwealth, with an emphasis on funding capital projects in the Northern Virginia and Hampton Roads areas of Virginia.

Effective on July 1, 2013, transferors of real estate located in Northern Virginia will be subject to an increase in the grantor’s tax from 0.10% to 0.25% of the applicable purchase price, exclusive of the value of any encumbrance. Currently, the grantor’s tax on transfers of property is $0.50/500.00 ($1.00/1000) this new statute imposes on the grantor an additional $1.50/1000 of value (or consideration, whichever is higher). The result is a total grantor’s tax of $2.50/$1,000.

Therefore, on a conveyance where the consideration is $600,000.00, the grantor’s tax was $600.00. As of July 1, 2013 the grantor’s tax will be $1,500.00. The increase is styled as a “Regional Congestion Relief Fee.” The increase does not affect the recordation tax applicable to mortgages.

According to the Commonwealth of Virginia, Department of Taxation the affected localities are:

the Cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park
and the Counties of Arlington, Fairfax, Loudoun and Prince William.

Contact me if you have any questions about this increase. I can help you navigate this and any other changes to northern Virginia’s real estate market.

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