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Del. Reverses Decision, States Will Not Get Larger Share of Real Estate Taxes

Members of the legislature's budget-writing committee have caved to pressure from local governments and will reverse a decision to give the state a larger share of real estate transfer taxes.

Currently, the 3 percent tax is split evenly between state and county governments, each getting 1.5 percent.

Members of the Joint Finance Committee agreed last week that the state should start taking 2 percent of the tax starting July 1, 2016, to help close an expected revenue gap of more than $160 million in fiscal 2017.

But local government officials throughout the state decried the change, saying it would impose serious financial hardships for them.

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Finance committee leaders bowed to the local concerns and planned to reconvene Tuesday to restore the even tax split between the state and counties.

 
Copyright AP - Associated Press
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