Similar legislation passed in Florida and Texas.
Frederick, MD (KB) Jay Day of the Day Home Team of Real Estate said legislation has been introduced in West Virginia to eliminate local state tax. Similar legislation has been passed in Florida and Texas.
“People are leaving to go to Florida and other areas because of that,” Day explained. “You know if they can drive 25 more minutes, and stay close and still be closer to family or whatever, I think it’s going to be a huge driving factor if that ends up passing and getting pushed through.”
Day said he believes many local families will consider relocating if the legislation passes.
“Most of these people that are working in DC and Northern Virginia, they have six-figure incomes,” he said. “8% of that, that’s a lot of money to save. It’ll be interesting to see how all that pans out.”
Day said the COVID-19 pandemic impacted the real estate market. Many home-buyers were interested in houses with pools, spaces for outdoor activities, and home offices.