This Act authorizes a reduction in the realty transfer tax for senior Delaware residents who have resided in Delaware for at least 10 consecutive years prior to entering into a transaction to sell their primary Delaware residence. This reduction only applies to an amount equal to 1/2 percent multiplied by the lesser of the value of the property, or $400,000.
This reduction is modeled after the first-time home buyer reduction previously authorized for purchasers.

Statutes affected:
Original Text: 30.5402