Eligible home buyers will be exempt from paying property taxes for the first five years. The five-year period Tax Abatement begins on October 1, after the deed has been recorded and a complete application has been submitted.
Eligible home buyers will also be exempt from paying recordation taxes and will also receive a credit from the seller for their portion of the transfer taxes. Transfer & recordation taxes in Washington D.C. are 2.2% (split evenly between buyer and seller typically) for sales prices lower than $400,000 and 2.9% for sales prices of $400,000 or greater.
Minimum home owner requirements:
- The property must be owner-occupied;
- The owner must meet the income level requirement; and
- Maximum sales price limit is $479,066
Current total household income limits apply to all those living in the property.
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Lower Income, Long-Term Homeowners Tax Credit
For more information, call the Recorder of Deeds at (202) 727-5374.
For a copy of the latest abatement regulations and application click HERE.