NO DOUBLE, UNFAIR TAXES For Louisiana Homeowners - HB 135 Update!

By
Real Estate Broker/Owner with Mike Mayer, Broker/Owner - i List For Less Realty, LLC

House Bill 135 protects Louisiana homes from Real Estate Transfer Taxes which negatively impactsNO DOUBLE, UNFAIR TAXES For Louisiana Homeowners - HB 135 Update! property markets and the economy. Louisiana is one of only 13 remaining states without this onerous tax.

Why are such Real Estate Transfer Taxes an unwanted burden?

       DOUBLE TAXATION

  • Real estate transfer taxes (RETTs) are a form of double taxation. Many, if not most, homeowners pay property taxes while occupying their homes. RETTs are simply another tax on the same piece of property.

      THEY MAKE HOUSING LESS AFFORDABLE

  • Real estate transfer taxes can limit housing affordability for thousands of moderate and low income homeowners, and particularly first-time home-buyers. RETTs can actually raise the financial hurdles to the point where potential buyers are denied the dream of home ownership.
  • Real estate transfer taxes often take the form of a point-of-sale tax, equal to a percentage of the final sales price or value of the property transferred. This can add thousands of dollars in unfair costs to the bottom line.

      THEY"RE UNFAIR

  • Real estate transfer taxes are regressive and inequitable and target only those who buy and sell real estate. As such, they place an unfair burden on a small group to produce tax revenue for the broader population.

      THEY"RE VOLATILE AND UNPREDICTABLE

  • Relying on these types of taxes do not provide a consistent source of revenue, fluctuating with the current state of the real estate market and making governmental budgeting more difficult.

On Monday afternoon June 13th, the Louisiana State Senate gave final approval to House Bill 135, to prohibit any new real estate transfer taxes in the state. Our constitutional amendments require a two-thirds majority, 26 votes; the actual number of passage votes was 34-0. With this action, the constitutional amendment heads to the November 19th statewide ballot.

Louisiana residents and homeowners should express gratitude to the lead author, State Representative Rick Nowlin of Natchitoches, State Senator Eric LaFleur of Ville Platte who handled the bill on the Senate Floor, and the additional 74 House co-authors and 29 Senate co-authors who helped pass this piece of legislation.

Now it's up to Louisiana voters to approve in the upcoming November elections. This legislation should have an extremely positive development for both the residential and commercial real estate markets, as well as, the Louisiana economy.

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