June 5, 2019

The District of Columbia City Council unanimously approved sweeping tax changes related to commercial real property transfers.  Effective October 1, 2019, the District of Columbia Transfer and Recordation Taxes on transfers of commercial property (both by deed and by economic transfer) for transactions of $2,000,000.00 or more will increase from 2.9% to 5%.  Additionally, the recordation tax for applicable Deeds of Trust will increase from 1.45% to 2.5%.  Please note that the bill is conditioned upon Congress not withholding its approval by June 28, 2019 (unlikely).

Please call Ed Bloom at 240.507.1711 with any questions or comments.

ABOUT ED BLOOM

Edward A. Bloom is a Real Estate Law and Business Transactions attorney and Practice Group Director. With over 34 years of experience, his practice is primarily concentrated on real estate development, real estate leasing, real estate workouts and foreclosure, real estate litigation, real estate and corporate lending, mergers and acquisitions, business advice, succession planning, company formation, corporate and transactional matters.

ABOUT OFFIT KURMAN

Offit Kurman is one of the fastest-growing, full-service law firms in the mid-Atlantic region. With over 185 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our twelve offices serve individual and corporate clients along the I95 corridor in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.

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