The new session is right around the corner, so expect more postings regarding bills and discussions relevant to the new session, real estate, eminent domain, property taxes, transportation and whatever else is related to real estate.
This bill, for example, submitted by David Toscano, that would (by my reading, not being a member of the Bar) be a huge boon to homebuyers in Virginia.
A. On every deed admitted to record, except a deed exempt from taxation by law, there is hereby levied a state recordation tax. The rate of the tax shall be 25 cents on every $100 or fraction thereof of the stated consideration of the deed or the actual value of the property conveyed, whichever is greater.
I might be wrong, but I read this this way – for example, if Mr. and Mrs. Homebuyer buy their home for $200k, the current recordation tax would be based on a percentage of the $200k. With the change in this bill, the deed could say that the transfer of property was completed for a consideration of, say, $100 – and the Homebuyers’ taxes would be much lower.
As an aside, how much do bills “Commending” somebody or something cost taxpayers?