HARPTA will increase to 7.25% on September 16, 2018
Updated: Mar 8, 2019
Ouch! What was already considered by many to be an unfair burden at 5% is now increasing to 7.25% starting on September 16, 2018.
This is assessed on the gross sales price of the home. For a million dollar home, that's a whopping $72,500.
With the rate increase, it's even more important than before for a nonresident home seller to explore every option to get HARPTA waived, or to get an early, tentative refund.
Also, if you are still not current on your general excise tax filings, you transient accommodations tax filings, and income tax filings, be sure to get caught up.
Any delinquent tax filings will prevent a home seller from getting a withholding certificate, or to get an early refund.