A fee for new property purchases in Reston could increase from $311 to $353.
Reston Association’s Board of Directors is slated to vote on the matter this Thursday (Nov. 18) at a regular meeting. It involves the so-called “Transfer Fee,” a one-time cost paid by a person buying a property.
The fee can be credited to a property owner’s annual assessment fee if certain conditions are met, where the homebuyer is a Reston Association resident buying a new property and selling their current one.
RA projects the change would generate an additional $45,000 in revenue next year.
It comes as the association prepares to pass its upcoming budget, which has proposed an increase in its annual assessment from $718 to $735. The board could approve that change, too, during the Nov. 18 meeting.
The fee was created in 2006, and RA staff recommended the change as the association sought to reduce the proposed assessment fee increase for the upcoming year.
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