As a Realtor representing many home owners selling their homes, it has come to my attention numerous times that many people are unaware of the tax on selling a home in Massachusetts. This tax is levied on the sale of any home sold in the commonwealth of Massachusetts. Presently the tax rate is $4.56 dollars per thousand.
the #4 RE/MAX Team in Massachusetts in 2007.
Dear Fellow Residents,
Repealing the income tax in Massachusetts isn't a bad idea, it's an atrocious one that would usher in a debacle the likes of which the state has never experienced. Pardon my apocalyptic tone, but there can be no hyperbole when one considers the level of decimation to public services that would ensue if the income tax is repealed. And the widespread loss of public services is just one in a whole range of deeply unpleasant effects that would occur as a result of such a repeal. Why should this be so?
Massachusetts is already facing the prospect of severe budget shortfalls that will challenge its ability to meet its core obligations. Should the repeal of the income tax pass, the state will fall so far behind in its ability to raise revenue that government will have no choice but to massively cut services, even basic services. Concomitantly, unemployment will increase as state employees are fired en masse. And in order to try and compensate for the loss of income tax revenue, the government will resort to the following desperate measures, massive increases in real estate taxes, sales taxes, and corporate taxes. They will have no choice. Get your mind around a state full of renters and what that will mean, because no one will want to buy residential property. Equally, prepare yourselves for the sickening sucking sound of businesses deserting our inhospitable shores for more tax friendly ones.
Last but not least, Massachusetts as a viable financial entity will likely cease to exist, as the cost to borrow for municipalities and state government will skyrocket. After all, would you loan money to someone or something that had little prospect of paying you back? Perhaps, but only at astronomical rates of interest so as to cover your risk. Are you convinced yet of the epic badness of the proposition? If not, then perhaps you are impervious to reason or suffer from some equally unfortunate malady that precludes a sense of self preservation. I hope not, because the price for voting out the state income tax is far far too high.
;)
;)
Bill,
Oh my goodness, your transfer tax is unbelieveable! I had no idea it was so high. That's probably one of the few things that cost less in CA.
For example, our median price in our city is $700,000, transfer tax would be $770.00 on that amount. It's $1.10 per thousand, technically .55 cents per $500.00.
You've provided some really great info for prospective buyers in your area.