Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Sponsor proposes tiered transfer tax to ease costs for typical buyers; industry groups warn of higher costs and market impacts
Summary
Delegate Sheila Ruth's HB 12‑13 would adopt progressive transfer‑tax tiers to lower costs for typical buyers and incentivize affordable multifamily development; supporters argued it helps affordability and could raise revenue for preservation, while builders and multifamily associations warned the change could increase transaction costs, depress investment and raise rents.
Delegate Sheila Ruth presented House Bill 12‑13 as a multifaceted approach to make transfer taxes more progressive — cutting or holding rates for lower‑value single‑family transactions, reducing or holding rates for deed‑restricted multifamily projects that reserve units as affordable, and increasing rates for higher‑value transactions.…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
