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Yes, Virginia, Sales ARE Getting More Expensive

Starting on July 1, 2013 the Grantor’s tax in Northern Virginia will climb to .25 per $100.00 (this includes the existing tax of .10 plus the new tax of .15). This means that after July 1, on a Sales Price of $500,000. the Grantor will now pay $1,250 instead of the previous $500 in tax.

You can thank (or maybe not!) Virginia legislators who recently passed a transportation funding bill that imposed a new fee on the sale of homes in Northern Virginia by increasing the Grantor’s tax by .25 per $100 of the sales price.  However, Governor McDonnell amended the bill by reducing the tax increase to .15, and that amendment was approved by the Virginia General Assembly on April 3, 2013.

If you want to save on this new tax when you sell your home in Virginia, then you need to settle before July 1, 2013.