So Long Grantors Tax- Huge Update
March 4th, 2008 categories: For Homeowners, Local Issues, Real Estate News
This past Friday I posted one of the few articles in the area concerning the VA Supreme Court ruling concerning the Grantor’s Tax in the article:
What The VA Supreme Court Did Today That Gives Sellers A Reason To Dance!
Up until now we have not known what the effects of this judgement would mean. NOW WE DO!
Here is the quote from Gary Clemens, the Clerk Of Circuit Court:
“In light of the Supreme Court’s ruling, my office will be making plans to refund the regional transportation tax collected since January 1, 2008. It is my understanding that the NVTA is meeting on March 6, 2008 to develop a refund policy and procedure. Once I receive information from the NVTA regarding their recommendations, I will announce the refund procedures on March 7, 2008.”
Therefore, if you were one that settled on your home since January 1st of this year - EXPECT A REFUND!
I will keep you up to date on any new information that I receive.
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