Effective October 1, 2019, the transfer tax and recordation tax for real estate sales of commercial and mixed-used property on transactions of $2,000,000.00 or above will be significantly increased. On May 28, 2019, the Council of the District of Columbia unanimously voted to approve Mayor Muriel Bowser’s Fiscal Year 2020 budget. This budget includes an increase of the current 2.9% transfer and recordation taxes to 5% on sales of commercial and mixed-use property valued at $2,000,000.00 or more. The increase will also apply to transfers of a controlling economic interest in entities that own commercial real property. About The Author
