Starting July 1, Philadelphia will implement increased fees and taxes related to real estate transactions. According to the City of Philadelphia website, the Department of Records will raise document recording fees by a flat $3. As a result, the fee for recording a deed will increase from $274.75 to $277.75, while the cost for recording miscellaneous deeds, such as mortgage modifications and refinances, will rise from $259.75 to $262.75. Other affected documents include mortgages, assignments of mortgage, releases, and mortgage satisfactions.
In addition to the fee increases, the city’s realty transfer tax rate will go up from 3.278% to 3.578%. This tax is applied when property ownership changes hands and represents a notable portion of overall transaction costs. The revenue generated from both the fee and tax increases will support the city's affordable housing initiative under the H.O.M.E. (Housing Opportunities Made Easy) plan.
This program aims to create and preserve 30,000 housing units over the next four years.
