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Delaware Business Now
Burch is the 2021 President, Delaware Association of Realtors
Delaware has the highest state Realty Transfer Tax in the nation. That means more cash at the settlement table. That means fewer of our citizens can afford a home.
That means those selling a home have less equity to move forward themselves. And when that happens, it means our state’s economy takes a hit.
The Delaware General Assembly raised the state Realty Transfer Tax a full 1% in 2017 to counter a projected $400 million budget deficit.
That 33% increase made Delaware’s state Realty Transfer Tax at 2.5% the highest in the nation. Add to that the local transfer taxes, and individuals may have to pay as much as 4% of the property’s value at settlement in cash. That is cash required to meet transfer taxes alone, over and above settlement costs, making it hard for Delawareans to own a home and ultimately dealing a blow to real estate market and our state’s economy.
Delaware Business Now
Chris Kenny, the founder of A Better Delaware, Inc., selected
Kathleen Rutherford as its new Executive Director.
The group “supports pro-growth, pro-jobs policies and overall transparency in state government,” a release stated. Kenny is a supermarket executive who also owns an online news media company.
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Rutherford will succeed Zoe Callaway, who worked on more than a dozen advocacy campaigns for two years, including raising public awareness about a possible soda tax and income tax hike.
Callaway has accepted a position at the Tax Foundation in Washington, DC as Manager of Education.
“While I am saddened to see Zoe leave after such an incredible performance launching ABD to become a formidable presence in Delaware, I am very happy to see her land a much larger role in such a prestigious national organization in DC.”