I recently wrote a blog addresses technology changes and The new Facebook changes were launched the week of September 22nd. Change can be quite frustrating and Facebook subscribers are still trying to figure out and understand where the newsfeed was on their Facebook page. Facebook has been the discussion for the last week.
However, there have also been newsworthy discussions and candidate interviews that Lake Charles LA residents need to be aware of.
Voters will head to the polls on November 18th and when you are trying to understand Constitutional Amendments the language can be hard to understand. Trying to understand what a No vs Yes vote means can be complicated.
So let me make it easy for Louisiana residents to understand Amendment #1.
A YES VOTE MEANS NO!
Amendment #1 will be on the November 19th ballot and is an amendment to prohibit any new real estate transfer taxes in the state of Louisiana. Louisiana does not currently have any transfer tax in place for real estate. Unlike other states, when a property is sold in Louisiana there are no extra transfer taxes charged to either the buyer or the seller. Most homeowners in Louisiana already pay property taxes. Transfer taxes are simply another tax on the same piece of property.
Louisiana is one of only 13 remaining states without a real estate transfer tax. We want to maintain this advantage over other states with real estate transfer taxes, especially since the adjacent states of Texas and Mississippi do not have real estate transfer taxes either.
By remaining tax free, we help ensure the health of our residential and commercial real estate markets by making sure this kind of tax is not imposed in the future.
- Amendment #1 will prevent the state, or any parish or municipality, from imposing any new tax on the sale or transfer of homes or commercial property. These kinds of taxes are known as real estate transfer taxes.
- Real estate transfer taxes are double taxation.
A vote FOR Amendment #1 on November 19 will…
Protect your home from double taxation. Keep Louisiana free from additional taxes, especially those that unfairly target homeowners and homebuyer
To better understand the impact of how a real estate transfer tax could impact Lake Charles homeowners I have included an example of transfer tax on a $250,000 home :
Property price $250,000
Local Transfer Tax Rate .47%
State Transfer Rate 1.5%
Combined Tax Rate 1.97%
YOUR TRANSFER TAX AMOUNT WOULD BE $4,925.00
- Additional tax of any kind in a real estate transaction would inhibit the buying and selling of real estate. No one will escape the impact – buyers, sellers, agents, brokers, other real estate related industries
- A real estate transfer tax would make it more costly and harder for people to buy or sell a home.A home is often the largest asset a person has. Real estate transfer taxes place a big burden on homeowners who work hard to build up equity, only to see some of that equity go to government when they sell their property.
On November 19th, Protect Louisiana Homes from Transfer Taxes VOTE YES (which means NO TRANSFER TAX!)
For more information on Amendment #1 visit Staytaxfree.com