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HB 5756

AN ACT RELATING TO TAXATION -- REAL ESTATE CONVEYANCE TAX

2025 Regular Session Introduced by Edith Ajello and 8 co-sponsors

Summary of HB 5756: Real Estate Conveyance Tax Act OverviewHB 5756, titled the "Real Estate Conveyance Tax Act," is a proposed bill that seeks to modify the existing real estate co

05/13/2025 Committee recommended measure be held for further study
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Bill Summary · HB 5756

Summary of HB 5756: Real Estate Conveyance Tax Act

Overview

HB 5756, titled the "Real Estate Conveyance Tax Act," is a proposed bill that seeks to modify the existing real estate conveyance tax structure in the state. The bill was introduced on January 21, 2025 and is currently being held for further study by the relevant legislative committee as of May 13, 2025.

Key Provisions

The main components of HB 5756 include:

  1. Increased Conveyance Tax Rates: The bill proposes raising the state's real estate conveyance tax rates. Specifically:

    • For properties valued at $500,000 or less, the tax rate would increase from 0.75% to 1% of the sale price.
    • For properties valued above $500,000, the tax rate would increase from 1.25% to 1.5% of the sale price.

  2. First-Time Homebuyer Exemption: The legislation would create a new exemption from the conveyance tax for first-time homebuyers purchasing a primary residence valued at $400,000 or less.

  3. Affordable Housing Fund: Revenue generated from the increased conveyance tax rates would be directed to a newly established Affordable Housing Fund. This fund would be used to finance the construction and preservation of affordable housing units across the state.

Potential Impact

If enacted, HB 5756 would have several key impacts:

  • It would increase the overall tax burden on real estate transactions, particularly for higher-value properties.
  • The first-time homebuyer exemption could help make home ownership more accessible for low- and moderate-income residents.
  • The Affordable Housing Fund could provide a dedicated source of funding to support the development of more affordable housing units statewide.
  • The bill's impact on the real estate market and housing affordability would depend on how the additional tax revenue is utilized through the Affordable Housing Fund.

Conclusion

HB 5756 represents an effort to reform the state's real estate conveyance tax structure in order to generate additional revenue for affordable housing initiatives. The bill's key provisions include increased tax rates, an exemption for first-time homebuyers, and the creation of a dedicated Affordable Housing Fund. If passed, the legislation could have significant implications for the state's real estate market and housing affordability.

Compiled from official sources — confirm details with the bill’s official record.

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