Special offer

Get ready for another battle "on the hill"

By
Real Estate Agent with Group1 Real Estate, selling houses in Salt Lake City Utah

Humoroust Gerald Barzan reminds us that "taxation WITH representation aint so hot either".  More taxes that will effect the Real Estate Industry here in the State of Utah are on the horizon.

Chris Sloan our Branch Broker in Tooele has been on the Legislative committee for as long as I can remember, and has spent countless hours up"on the hill" fighting our fights for us.  I'm sure you have someone in your board, like Chris.  We really don't know what they do, (except continually want us to increase our contribution) but we do know that they are constantly vigilant to attacks on our industry and our livelihood.  We don't pay much attention to them, but we sure do count on them to look out for us and for our clients. It looks like another attack is on the way, and I think this time we all should be prepared to help.

Last week Chris posted an article on two items the Utah legislators may be considering implementing at the next session.  First, a transfer tax on the sale and purchase of Real Property, and second, a "professional tax on service" wherein a fee (tax) is charged whenever a Utah State licensed participant is involved. Both of these proposals would have devastating effects on the industry, and an immediate confiscation of the wealth of our clients.  I would encourage each of you to click on the article at The Legislature never sleeps, read it, and then be prepared to help the folks on your Legislative committee fight the good fight.

Comments(1)

Jenny Croshaw
South Florida Structured Real Estate - Miami Beach, FL

Interesting.

 

I am a big fan of a transfer tax on assets owned for less than 2 years in the case of real property. Those who chose to 'flip' homes should help like any other investor and there are far too many shelters for home sales already.

It hurts regular home buyers and sellers when investors spike mark prices or bail out an leave forclosures. If we could tax short holding more aggressively we could ear mark the money for things communities that grow need like schools and infrastructure and slow the quick in and out.

As far as professional services, I hate selective taxes that have nothing practical behind them. (airport, rental cars, cell phones). I do think the industry should be self supporting for all of the local governments costs that go to supporting property...if that means a tax on services, I think it is appropriate.

Jun 16, 2007 10:49 PM