Commercial real estate owners looking to avoid an increase in deal costs yielded the D.C. government an extra $50.5 million in deed recordation and transfer taxes for the final month of the District's 2019 fiscal year. While it was anticipated commercial real estate sales would finish September up over the same month in 2018, revenue estimates released Monday by the D.C. Office of the Chief Financial Officer detail just how much of a factor they were for the District's finances. Part of the year-end flurry included seven commercial office buildings valued at greater than $50 million sold in the final weeks of September. Read More...
Commercial real estate owners looking to avoid an increase in deal costs yielded the D.C. government an extra $50.5 million in deed recordation and transfer taxes for the final month of the District’s 2019 fiscal year. While it was anticipated commercial real estate sales would finish September up over the same month in 2018, revenue estimates released Monday by the D.C. Office of the Chief Financial Officer detail just how much of a factor they were for the District’s finances. Part of the year-end flurry included seven commercial office buildings valued at greater than $50 million sold in the final weeks of September.
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