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Transfer Tax Initiative: Missouri Real Estate Issue

Transfer Tax Initiative: Missouri Real Estate Issue

During the October 2009 Business Meeting at the Lake of the Ozarks, the Missouri Association of Realtors (MAR) rolled out the campaign "Vote Yes to Stop Double Taxation". All signs show Missourians are in favor of this issue. It will still take a lot of work to make this a successful campaign.

Thus far signatures are being gathered to get the issue on the ballot. If you are asked to sign a petition, it should say: "Shall the Missouri Constitution be amended to prevent the state, counties, and other political subdivisions from imposing any new tax, including a sales tax, on the sale or transfer of homes or any other real estate." And the answer to this question is YES!

At a time when families are struggling to make ends meet, a new tax such as this should be unheard of. SO be sure to pay attention to this issue coming soon to a ballot near you. This tax would be on top of any real estate tax collected by the counties and cities.

STOP DOUBLE TAXATION, VOTE YES!

All rights reserved and may not be reproduced or reprinted without express written permission of Ann Hayden, real estate agent with Prudential Select Properties Chesterfield, Ballwin, Wildwood Office. Information deemed reliable but not guaranteed.

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© Ann Hayden, 2008-2009.

Posted by Ann Hayden, St. Louis, MO Real Estate~ SelectAnn.com for your real estate on 10/05/2009 10:24 PM

Comments (10)

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10 Comments on Transfer Tax Initiative: Missouri Real Estate Issue

OCT

Hi Ann, I re-blogged this because I thought this was a great way to get this message out to the Realtors here in the Springfield, MO. area as well. Thanks for the article.

Ann they imposed a Conveyance Tax here in Connecticut about six years ago. It was suppose to only for three years and then sunset. The money was suppose to be used to repair roads. Well guess what, very little of that money has gone for roads and six years later it is still there with no signs of going away.

Lanora,

Thank you for the re-blog. I think this is a BIG issue.

Ann

George,

That is the type of thing I am afraid of. Don't we pay enough in real estate taxes? Now if they want to do away with those maybe we can discuss this tax.

Ann

Hi Ann, If I were in Missouri, I would sign that petition. Good luck to you!

Hey Mary,

If they have done this in a few states, you can be sure, you will get the opportunity to sign one like it. Unfortunately!!

Ann

OCT

Ann - We are 1 of only 13 states that don't have a transfer tax. Here is a chart: State Transfer Taxes. In addition to these state transfer taxes, you add to the mix that a significant number of states have, after the initial transfer tax was approved, authorized local and county transfer taxes. It is indeed is a slippery slope as states, counties and municipalities attempt to balance bloated budgets on the backs of real estate owners. I will defer to others more skilled in interpreting the Hancock Amendment. However, it would seem to place some minimal restraints on such taxes by requiring voter approval and capping increases in future years. I am glad that MAR is taking a proactive approach and actively opposing transfer taxes in our state.

Hi Ann, I just looked at Ryan's chart --for Colorado the "transfer Tax" is referred to as a state documentary fee -- which has been around for many years- they used to use stamps (like postage stamps) on the Warranty Deeds in the "olden days" Anyway, on a $250,000. sale the doc fee is $25.00 dollars - usually charged to the buyer. So if this is what Missouri has in mind - that's really not too painful.

OCT

Mary - The proposals discussed have been a 1% transfer tax - that would be $2500 on a $250000 sales. This proposal comes on the heals of a "fair tax" proposal that would have added 5.11% tax on lease transactions, new construction sales, and professional services, which was defeated in the last legislative session.

Ouch that seems WAY out of line - now that's painful, Ryan!

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